Nigerian Bank Introduces New Mobile App Rules As CBN Security Guidelines Take Effect

• Ecobank Nigeria announced new mobile app security rules affecting customers who register for the first time or log in from a new device
• The bank introduced a N20,000 transaction cap for the first 24 hours, after which limits can rise to as high as N10 million
• Customers switching to a new smartphone must unregister their old device before activating the app under the updated process

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Ecobank Nigeria has rolled out new mobile banking security rules that cap transactions at N20,000 for customers using the app on a new or first-time device, citing alignment with Central Bank of Nigeria (CBN) Instant Payments Guidelines.

The policy applies to anyone registering the Ecobank Mobile App for the first time or logging in from a device that has not previously been linked to their account.

During the first 24 hours following their initial transaction on such a device, those customers will be unable to transfer or pay more than N20,000 per transaction.

The bank confirmed in a notice to customers that the restriction lifts automatically once the 24-hour window closes. After that period, account holders return to their standard mobile banking limits, which can reach up to N10 million depending on their account profile.

New Device Switch Requires Extra Step

Ecobank also changed the process for customers who upgrade or move to a different smartphone or tablet. Before activating the banking app on a replacement device, users must first unregister the previously registered device.

The bank said this can be done by selecting the delete icon on the new device to remove the old one, after which activation can proceed as normal.

The lender described the requirement as a measure to reduce the risk of unauthorised account access, particularly in cases where a lost or stolen device might otherwise remain linked to a customer's profile.

Bank Advises Customers to Reach Out

Ecobank reassured customers that both changes are part of its broader effort to make digital banking safer.

The bank encouraged anyone with questions about the new rules to contact their relationship manager or reach out through its official customer support channels.

The update arrives as Nigerian lenders continue tightening controls around digital payments, following regulatory pressure from the CBN to curb fraud on instant payment platforms.

Ecobank Sends Warning to Customers as Fraudsters Steal Money

Earlier, Legit.ng reported that while offering customers continuous access to financial services via its digital platforms during the holiday season, Ecobank Nigeria has warned them to be on the lookout for scammers.

Adeola Ogunyemi, Ecobank Nigeria's Head of Consumer Banking, emphasised in a statement on Monday that customers can easily continue their transactions and shopping through the bank's numerous digital platforms.

Ogunyemi emphasised the Bank's long-standing dedication to digital transformation, which seeks to enhance customers' satisfaction and offer alternative methods of accessing banking services.