CBN Sets ₦20,000 Transaction Limit for New Mobile Banking App Activations
The Central Bank of Nigeria (CBN) has introduced a new security measure that places a temporary ₦20,000 transaction limit on mobile banking apps activated on new devices.
The directive, applies when customers install or log into their banking apps on a new phone or device.
Under the new rule, customers will only be allowed to transfer up to ₦20,000 within the first 24 hours of activating their banking app on a new device.
After the 24-hour period, customers can resume their normal transaction limits.
The CBN explained that this measure is designed to strengthen the security of digital banking transactions and protect customers from fraud, particularly from cases involving stolen phones, unauthorized access, or fraudulent device changes.
In addition to the temporary transaction limit, the new guideline requires that mobile banking apps operate on only one device at a time. When a customer activates the app on a new device, the previous device will automatically be deactivated, ensuring better control over account access.
Banks are also required to provide customers with the option to disable electronic transfers temporarily if they suspect unauthorised activity. Customers who disable transfers can still carry out transactions at bank branches when necessary.
The new security rule is part of ongoing efforts by the CBN to safeguard Nigeria’s digital banking system as more Nigerians adopt mobile banking services.
Customers are therefore advised not to panic if they experience temporary transaction limits after installing their banking apps on new phones, as the restriction only lasts for the first 24 hours.
The new measure is expected to reduce fraud losses and improve confidence in the country’s growing digital financial system.
