Central Bank of Nigeria Implements Digital Banking Security Rules

The Nigeria===Central Bank of Nigeria has introduced comprehensive new security rules for digital banking platforms, effective July 1, 2026. These measures include a N20,000 transaction cap on newly activated mobile banking applications within their first 24 hours, mandatory device binding, and enhanced multi-factor authentication for new device logins. Financial institutions are also required to deploy enterprise fraud monitoring systems and implement stricter controls for online account opening and reactivation, including liveliness checks and real-time validation against BVN and NIN databases. Additionally, a voluntary opt-out/opt-in feature for instant payment services will be introduced, giving customers more control over their accounts. These directives aim to curb rising digital fraud, identity theft, and unauthorized access to financial accounts in Nigeria's rapidly expanding instant payment ecosystem.