The Central Bank of Nigeria (CBN) has introduced new regulations aimed at strengthening the security of mobile banking and instant payment services, including a policy that restricts each banking application to a single device per customer. The new directive, which takes effect on July 1, 2026, was contained in a circular issued to banks, financial institutions, and payment service providers by the apex bank’s Payments System Policy Department, and signed by its Director, Musa Jimoh. Under the new framework, customers will no longer be able to operate the same mobile…
Read MoreCBN limits mobile banking apps to one device per customer, to curb fraud
