The Central Bank of Nigeria (CBN) has introduced a temporary ₦20,000 transaction limit for customers who activate or reinstall mobile banking applications, as part of new measures to curb rising digital fraud.
Under the directive, transactions carried out through a newly activated banking app will be restricted to ₦20,000 within the first 24 hours of activation. After the initial 24-hour period, normal transaction limits will be restored once the bank completes necessary verification checks.
The policy is aimed at strengthening security across Nigeria’s rapidly expanding digital banking ecosystem and reducing the risk of unauthorised account access, identity theft and fraudulent transfers often associated with newly registered devices.
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Industry observers say the move will allow banks to monitor suspicious activity during the critical early period after an app is installed or reactivated on a device.
The development comes amid increasing reliance on mobile banking platforms for payments and transfers, as regulators intensify efforts to safeguard customers and maintain trust in the country’s electronic payment system.
Banks and other financial institutions are expected to automatically enforce the restriction whenever a banking application is newly activated, reinstalled, or linked to a different mobile device.
The CBN has, in recent years, rolled out several regulatory measures to strengthen cybersecurity and consumer protection as Nigeria continues its transition toward a digitally driven financial system.
