The Central Bank of Nigeria (CBN) has introduced a new directive restricting the use of mobile banking applications to one device per customer in a move aimed at strengthening security within Nigeria’s digital banking system.
Under the new policy, bank customers will no longer be able to operate the same mobile banking application on multiple devices simultaneously. The development marks a significant mobile banking restriction designed to reduce fraud and enhance the protection of users’ financial information.
Industry observers say the decision means customers who wish to change their phones or devices may be required to deactivate the application on the previous device before activating it on a new one.
The apex bank’s directive is expected to affect millions of Nigerians who rely on mobile applications to carry out transactions such as transfers, bill payments and account management.
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Experts believe the mobile banking restriction could help curb unauthorized access to bank accounts, especially in cases where login credentials are compromised or devices are shared among users.
Banks across the country are expected to implement the directive through updated security features within their mobile applications to ensure compliance with the policy.
While the measure may introduce additional steps for customers switching devices, financial analysts note that the mobile banking restriction is part of broader efforts by the CBN to strengthen cybersecurity and safeguard Nigeria’s growing digital banking ecosystem.