Regulatory Alerts2026-03-12 | PSP/DIR/PUB/CIR/001/001Additional Functionalities for Instant Payment
The Central Bank of Nigeria has issued new directives for Instant Payments, requiring financial institutions to introduce voluntary opt-out/opt-in options and flexible transaction limits, both secured by multi-factor authentication and enhanced due diligence. All institutions must also implement enterprise fraud monitoring and rigorous liveliness checks, alongside BVN/NIN validation for online account opening and reactivation, ensuring enhanced security for digital transactions. These mandatory changes, which also include device binding for mobile apps and temporary transaction limits for new activations, are effective from July 1, 2026, aiming to strengthen financial system stability and customer security.
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