CBN Lets Customers Set Limits, Opt Out of Instant Payments

The Central Bank of Nigeria (CBN) has unveiled new features for the Instant Payments (IP) system, aimed at giving bank customers greater control over electronic fund transfers.

Under the updated guidelines, which will take effect from July 1, 2026, customers will be able to choose whether to participate in the instant payment service and also adjust their individual transaction limits.

In a circular issued by the apex bank, it stated, “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.”

The CBN explained that customers who choose the opt-out option will not be able to perform online instant transfers, although they can still carry out transactions by visiting their banks in person.

The directive also permits customers to review and change their transaction limits, provided the adjustments remain within the current ceilings of N25 million for individuals and N250 million for corporate accounts.

“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 apex bank noted that the policy forms part of its responsibility to safeguard the country’s financial system and sets the minimum operational standards for instant payment services in Nigeria.