The Central Bank of Nigeria (CBN) has introduced new rules to strengthen instant payment services and protect customers from fraud.
In a circular sent to banks, financial institutions, and payment service providers, the apex bank outlined fresh requirements that must be integrated into platforms before July 1, 2026.
One of the key changes allows customers to voluntarily opt out of instant payment services.
The CBN explained that banks must provide an “Opt-Out/Opt-In functionality” so customers can enable or disable instant transfers whenever they choose.
However, opting out means transfers can only be done physically at the bank.
The guidelines also permit customers to adjust their transaction limits within approved thresholds.
Individuals can set limits up to ₦25 million, while corporate accounts can go as high as ₦250 million.
Any adjustment must pass multi-factor authentication and risk assessment.
Mobile Banking Restrictions
To tackle financial crimes, banks are required to deploy enterprise fraud monitoring systems.
These will track inflows and outflows to detect suspicious activity. The CBN also introduced stricter identity checks for online account opening and reactivation.
Accounts must undergo liveliness tests and be validated in real time with BVN and NIN databases.
Mobile banking applications will now be restricted to one device at a time. Any attempt to migrate an app to another device will trigger reactivation and authentication.
Additionally, newly activated mobile apps will face temporary limits of ₦20,000 within the first 24 hours. Internet banking on a new device will also require extra authentication.
The CBN said these measures represent minimum standards for instant payment operations.
The apex bank believes the changes will improve security, reduce fraud, and strengthen confidence in Nigeria’s financial system.
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