The Central Bank of Nigeria (CBN) has introduced stricter security measures for digital banking, including a new rule that limits mobile banking applications to operate on only one device at a time.
In recent circulars addressing instant payments, BVN operations, and electronic banking security, the apex bank directed that mobile financial services applications (apps) shall only be enabled on one device at a time, prohibiting customers from running the same bank's app concurrently across multiple devices, such as a smartphone and a tablet.
This device binding policy aims to reduce risks of unauthorized access, account takeovers, and fraud in Nigeria's rapidly expanding digital payments landscape.
Key details of the restriction include:
Customers cannot use the app simultaneously on more than one device.
Attempting to activate or migrate the app to a new device will automatically trigger reactivation processes, requiring enhanced authentication methods such as multi-factor authentication (MFA), biometric verification, liveness checks, soft tokens, hard tokens, or similar secure protocols.
Banks must implement these controls promptly to align with the CBN's fraud prevention framework.
The directive is part of broader anti-fraud enhancements, which also feature:
A temporary ₦20,000 transaction limit (for both inflows and outflows) on newly activated mobile apps or new accounts during the first 24 hours after setup.
Mandatory additional MFA for first-time logins to internet banking from unrecognized devices.
These updates reflect the CBN's ongoing efforts to safeguard users amid rising digital transactions and sophisticated fraud tactics. While the policy may require customers to re-authenticate when switching devices, it allows legitimate sequential use across devices over time—just not simultaneous access.
Financial institutions are expected to update their systems accordingly, and customers are advised to contact their banks for guidance on device migration or reactivation procedures. The measures build on previous guidelines to promote a safer, more secure mobile banking ecosystem in Nigeria.
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