Ecobank Nigeria has implemented new mobile banking security rules that impose a N20,000 transaction cap for customers using the app on a new or first-time device, aligning with the Central Bank of Nigeria (CBN) Instant Payments Guidelines. The policy, announced on August 5, 2026, affects all customers who register the Ecobank Mobile App for the first time or log in from a device previously unlinked to their account.
Transaction Cap Details and Duration
Under the new rules, customers using a new device will be unable to transfer or pay more than N20,000 per transaction during the first 24 hours following their initial transaction on that device. The bank confirmed in a notice to customers that this 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.
This move is part of Ecobank's broader strategy to enhance digital banking security and align with CBN's regulatory pressure to curb fraud on instant payment platforms. Nigerian lenders have been tightening controls around digital payments, and Ecobank's new measures are a direct response to these regulatory demands.
Device Switch Process 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. This extra step ensures that only the current device can access the account, adding an additional layer of security.
Customer Support and Broader Context
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.
In a related development, Ecobank Nigeria has warned customers to be on the lookout for scammers during the holiday season while offering continuous access to financial services via its digital platforms. Adeola Ogunyemi, Ecobank Nigeria's Head of Consumer Banking, emphasised in a statement that customers can easily continue their transactions and shopping through the bank's numerous digital platforms.
Ecobank's Commitment to Digital Security
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. The new security measures are part of this commitment, ensuring that customers can bank safely and conveniently in an increasingly digital world.
With the new mobile banking rules, Ecobank aims to strike a balance between security and convenience, providing customers with peace of mind while using their digital platforms. The bank's proactive approach to fraud prevention is expected to set a precedent for other financial institutions in Nigeria, as the CBN continues to push for stricter security measures across the banking sector.
