By Peace Udugba -The daily torch media
The Central Bank of Nigeria (CBN) has introduced new guidelines limiting the amount customers can transfer within the first 24 hours of activating a mobile banking application.
In a circular issued to financial institutions, the apex bank said transaction limits — covering both inflow and outflow — must be imposed on newly activated mobile financial services apps for new accounts. The limits, to be set by individual banks, must not exceed ₦20,000 within the initial 24-hour period.
The directive also applies to existing customers who activate their banking apps on a new device, although only outflow transactions will be restricted during the first 24 hours.
Additionally, the CBN mandated stronger security measures, including device binding and multi-factor authentication, stating that mobile banking apps must operate on only one device at a time.
The move is part of the regulator’s broader efforts to strengthen security in Nigeria’s instant payment system and protect customers from fraud and unauthorised transactions
