CBNTightens Digital Banking Security Rules
Central Bank of Nigeria (CBN) mandates liveness verification and real-time validation against BVN/NIN for all account openings/reactivations, effective July 1, 2026. Financial institutions must comply within six months. Newly activated mobile banking apps face ₦20,000 transaction caps for 24 hours post-activation to curb fraud. Fraud losses surged 603% year-on-year to ₦3.29 billion in Q1 2025, driving this security overhaul. The framework includes device binding rules (single-device app activation), mandatory MFA for new devices, and customer opt-out for instant payments. Existing accounts using new apps also face transaction limits. Banks must implement real-time fraud monitoring systems.