March 13, (THEWILL) — The Central Bank of Nigeria (CBN) has unveiled new guidelines to enhance the security and operational efficiency of instant payment services across the country.
In a circular addressed to banks, other financial institutions, and payment service providers, the apex bank outlined measures to safeguard customers, curbing fraud, and strengthening financial system stability.
Under the new directives, customers will now have the option to voluntarily opt out of instant payment services on their bank accounts. Financial institutions are required to provide a “Voluntary Opt-Out/Opt-In functionality”, allowing customers to enable or disable instant payment services at any time. Multi-factor authentication will govern the process, with accounts automatically set to opt-in when a new customer is onboarded.
The CBN explained that customers who opt out of the service will not be able to carry out online instant transfers, though they may still conduct transfers in person at their bank. Additionally, customers can now adjust transaction limits within approved thresholds up to ₦25 million for individuals and ₦250 million for corporate accounts—subject to enhanced due diligence and risk assessment by their financial institutions.
To combat financial crimes, the apex bank mandated all financial institutions to activate enterprise fraud monitoring systems capable of tracking both inflows and outflows to detect suspicious activities.
The circular also introduced stricter identity verification measures for online account opening and reactivation. Accounts opened online must undergo liveliness checks and be validated in real time against the Bank Verification Number (BVN) and National Identity Number (NIN) databases. Enhanced authentication measures, including multi-factor authentication (MFA), biometric verification, and soft or hard tokens, will be required for reactivating accounts.
For mobile banking, the CBN stated that financial apps must be restricted to a single device at a time, with any migration to a new device triggering reactivation and authentication procedures. Temporary transaction limits of ₦20,000 will apply to both new and existing accounts during the first 24 hours of activation.
The apex bank emphasised that these measures represent the minimum standards for instant payment operations in Nigeria, with implementation set to begin on July 1, 2026.
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