CBN restricts 1 banking app to 1 device, change of BVN phone number only once a lifetime

The Central Bank of Nigeria (CBN) has announced sweeping restrictions on how Nigerians use mobile banking. These restrictions include limiting banking apps to one device at a time and restricting BVN phone number changes to once in a lifetime.

The new measures, announced in separate circulars issued Thursday and Friday, represent the apex bank’s most aggressive fraud prevention crackdown yet on Nigeria’s digital payments ecosystem.

Under the new rules, customers will no longer be able to run the same bank mobile app on two different phones simultaneously. If you switch to a new device, the app will automatically deactivate on your old phone and require fresh authentication on the new one.

Additionally, Nigerians will only be allowed to change the phone number linked to their Bank Verification Number once in their entire lifetime, making it virtually impossible to update contact details tied to the foundational identity layer of Nigeria’s banking system.

When the restrictions start and what the new rules mean for bank customers

The one-device restriction takes effect from July 1, 2026, while the BVN phone number change limit begins May 1, 2026.

For mobile banking, the CBN said financial institutions must implement “mandatory device binding” so that banking apps can only operate on one device at a time.

“Migration to another device shall trigger automatic re-activation and authentication,” the circular signed by Musa Jimoh, director of the payments system policy department, stated.

For BVN phone numbers, the restriction addresses a critical vulnerability. Phone numbers linked to BVNs are used for one-time passwords, transaction alerts, and account recovery, making them prime targets for fraudsters attempting to hijack bank accounts through SIM swaps or social engineering.

The CBN also announced that newly activated mobile banking apps will face transaction limits of ₦20,000 maximum in the first 24 hours, whether for new accounts or existing accounts accessed from a new device.

Similar read: Fraud: CBN directs Banks and fintechs to deploy anti-money laundering tools

CBN requires banks to create fraud watchlists and improve security

Beyond the device and phone number restrictions, the CBN directed banks to establish a temporary watchlist for BVNs linked to suspicious activity. Flagged BVNs can remain on the watchlist for up to 24 hours while banks contact customers to verify transactions.

All financial institutions must also implement enterprise fraud monitoring for both inflows and outflows to detect and restrict suspicious transactions in real time.

Customers will have the option to opt out of instant payment services entirely, though this requires multi-factor authentication. In opt-out mode, customers cannot transfer funds online and must physically visit their bank to make transfers.

The measures reflect an improved regulatory searchlight on fraud in Nigeria’s payment ecosystem. While there is no isolated estimate of SIM fraud costs, the Nigeria Inter-Bank Settlement System (NIBSS) says SIM-related compromises often play a role in social engineering schemes, which accounted for 62,901 fraud cases in 2023.

The CBN reiterated that BVN enrolment remains restricted to individuals aged 18 and above, and that access to BVN database information is limited strictly to CBN-licensed financial institutions.

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