The Central Bank of Nigeria imposes a N20,000 Limit on all newly activated banking apps

Digital banking in Nigeria just hit a significant speed bump as the Central Bank of Nigeria introduces a mandatory cooling-off period for mobile users. In a bold move to cripple the growing influence of cybercriminals and instant payment fraud, the regulator has officially capped all transactions at a mere N20,000 during the first 24 hours of any new app activation.

This sweeping directive applies to both brand-new accounts and long-standing customers who are simply moving their banking profile to a new smartphone. While individual banks have some leeway to set their own internal thresholds, the central bank has made it clear that no institution is permitted to allow more than the N20,000 limit during that critical first day.

Beyond the financial restrictions, the new framework fundamentally changes how Nigerians interact with their money on mobile. The Central Bank of Nigeria has now mandated device binding, effectively ending the era of accessing a single bank account across multiple phones simultaneously. Every banking app must now be locked to one specific device, reinforced by mandatory multi-factor authentication to ensure that only the rightful owner can move funds.

While the policy adds a layer of friction for legitimate users setting up new devices, the regulator insists these barriers are the only way to safeguard the national payment system. By forcing a 24-hour delay on high-value transfers, the Central Bank of Nigeria aims to give victims of identity theft or phone snatching a vital window of time to freeze their accounts before hackers can drain their savings.