Central Bank of Nigeria Payments System Policy DepartmentCentral Business District,Cadastral Zone,P.M.B 0187, Abuja-Nigeria.E-mail: PSPD@cbn.gov.ngPhone :09 462 35000PSP/DIR/PUB/CIR/001/001March 12, 2026CIRCULAR TO ALL BANKS, OTHER FINANCIAL INSTITUTIONS AND PAYMENTS SERVICE PROVIDERSSubject: ADDITIONAL FUNCTIONALITIES FOR INSTANT PAYMENTThe Central Bank of Nigeria (CBN) in line with its mandate of promoting financial system stability hereby issues additional guidance for the operations of Instant Payments in Nigeria.All Financial Institutions (FIs) offering Instant Payment (IP) shall provide the following additional functionalities:1. Voluntary Opt-Out /Opt-In functionality: Customers shall have the option to opt-out of / opt-in to IP service at any time and for any given period. This process shall be subject to Multi-Factor Authentication (MFA) control. Default setting shall be Opt-in upon on-boarding a new customer.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.2. Voluntary Transaction Limit: Subject to the existing maximum limits of #25 million for individuals and #250 million for corporates, 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 new transaction limit shall take effect immediately upon successful completion of multi-factor authentication (customer consent).3. Enterprise Fraud Monitoring functionality: All FIs shall implement and activate Enterprise Fraud Monitoring for both inflows and outflows to facilitate fraud detection and restriction of suspicious transactions.4. Liveliness Checks for online account opening / account reactivation:i. Accounts opened online shall be subjected to liveliness check;ii. All online account opening / online reactivation, shall be validated real-time with the BVN/NIN database; andiii. Enhanced authentication mechanisms (such as MFA, biometric authentication, soft token, hard token, liveliness check etc.) shall be adopted for online account reactivation.5. Additional requirements for mobile financial services via Mobile Applications:i. Mandatory device binding: 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.ii. Migration to another device shall trigger automatic re-activation and authentication.iii. For new accounts, transaction limits (inflow and outflow) shall be imposed on a newly activated mobile financial services app in the first 24-hours of activation. The limit shall be as determined by the financial institution, subject to a maximum transaction limit of N20,000.00.iv. For existing accounts, transaction limits (outflow) shall be imposed on a newly activated mobile financial services app in the first 24-hours of activation. The limit shall be as determined by the financial institution, subject to a maximum transaction limit of N20,000.00.v. For internet banking access, first-time log on a new device shall require additional MFA.The above are the minimum standard requirements for instant payments in Nigeria.Implementation of the above provisions shall take effect from July 1, 2026.Please be guided accordingly.Musa I. JimohDIRECTOR, PAYMENTS SYSTEM POLICY DEPARTMENT