BREAKING: CBN Limits Mobile Banking Apps to One Device Per Customer

The Central Bank of Nigeria (CBN) has introduced a new directive restricting the use of mobile banking applications to one device per customer in Nigeria.

Under the new guideline issued to banks, financial institutions, and payment service providers, a customer cannot operate the same mobile banking app on two different devices simultaneously.

The measure forms part of the apex bank’s updated framework for instant payments and digital banking operations, aimed at strengthening security and reducing the risk of fraud in Nigeria’s rapidly growing digital financial ecosystem.

According to the directive, financial institutions are required to implement device-binding technology, ensuring that a banking app remains active on only one registered device at any given time.

The policy is part of a broader set of reforms introduced by the CBN to enhance the safety of electronic transactions. Other measures include stricter authentication procedures for new device logins and additional monitoring systems to detect suspicious transactions in real time.

Industry analysts say the move is intended to curb rising cases of digital banking fraud while strengthening consumer protection across Nigeria’s financial system.