New CBN rule lets customers disable instant transfers on accounts

The Central Bank of Nigeria has issued new guidelines to banks and other financial institutions aimed at strengthening the operations and security of instant payment services in Nigeria.

In a circular addressed to banks, financial institutions and payment service providers, the apex bank outlined additional functionalities that must be integrated into instant payment platforms as part of efforts to enhance financial system stability and curb fraud.

Under the directive, customers will now have the option to voluntarily opt out of instant payment services linked to their accounts. The CBN said financial institutions must provide a “Voluntary Opt-Out /Opt-In functionality,” allowing customers to enable or disable instant payment services at any time.

According to the circular, the process will require multi-factor authentication, adding that the “Default setting shall be Opt-in upon on-boarding a new customer.” It explained that customers who deactivate the service would not be able to perform online instant transfers during that period.

“In the opt-out mode, a customer shall not be able to carry out online instant transfer of funds (intra or inter) from his/her account to another customer. However, customer can physically visit the financial institution to effect transfer during this period,” the CBN said.

The apex bank also directed financial institutions to allow customers adjust their transaction limits within approved thresholds, noting that individuals may set limits up to N25 million, while corporate accounts can go up to N250 million. “Customers shall have the option to adjust the limits as needed. Any such adjustment shall be subject to enhanced due diligence and appropriate risk assessment by the financial institution,” the CBN said, adding that revised limits will take effect after successful multi-factor authentication.

As part of measures to tackle financial crimes, the CBN mandated financial institutions to activate enterprise fraud monitoring systems to monitor inflows and outflows and detect suspicious transactions. It also introduced new rules for mobile banking applications, stating that “Mobile financial services applications (apps) shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices.” 

The apex bank added that newly activated apps must not exceed N20,000 transaction limit within the first 24 hours, while first-time log-ins on new devices for internet banking will require additional MFA. The new provisions are expected to take effect from July 1, 2026.