The new rules, set to take effect from July 1, 2026, allow users to opt in or out of the instant payment service and to adjust their personal transaction limits.
The Central Bank of Nigeria (CBN) has introduced new functionalities for Instant Payments (IP), giving bank customers more control over how they send money electronically.
The new rules, set to take effect from July 1, 2026, allow users to opt in or out of the instant payment service and to adjust their personal transaction limits.
According to the CBN circular, “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.”
While in opt-out mode, customers will not be able to carry out online instant transfers, but may still perform transactions by physically visiting their financial institutions.
The circular also allows customers to modify transaction limits within existing caps of N25 million for individuals and N250 million for corporates.
“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),” the statement added.
The CBN emphasized that these changes are part of its mandate “of promoting financial system stability” and constitute the minimum standard requirements for instant payments in Nigeria.
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