To enhance digital transaction security, institutions are required to integrate comprehensive fraud monitoring systems, mandatory liveness verification, and BVN/NIN authentication for account creation and reactivation.
These essential updates, which include implementing device binding for mobile apps and setting temporary transaction caps for new activations, take effect on July 1, 2026, with the goal of bolstering customer protection and the stability of the financial sector.
Summary of Central Bank of Nigeria’s Key Requirements for Instant Payments
- Device Binding (Single Device Policy): Mobile banking apps must be restricted to one device per customer. Logging in on a new device will automatically deactivate the app on the previous device.
- Liveness Checks & Authentication: Banks must implement "liveness checks" (using biometric validation) to ensure the person making the transaction is the account owner, aimed at preventing identity theft.
- BVN Phone Number Restrictions: Stricter rules for Bank Verification Number (BVN) updates mean that changing a linked phone number is heavily restricted (once in a lifetime) to reduce SIM-swap fraud.
- Multi-Factor Authentication: The opt-in and opt-out processes must be protected with multi-factor authentication.
- Enterprise Fraud Monitoring: Enterprise-level real-time fraud monitoring for both incoming and outgoing transactions.
- Behavioral Analytics: Implementation of behavioral biometrics to detect fraudulent activity via user typing speeds and interaction patterns.
- Anti-Screen Recording: A ban on taking screenshots or recordings within the app for security.
Requirements and Solutions Mapping
Protectt.ai's AI-native mobile app security platform helps Nigerian Financial Institutions meet key CBN regulatory requirements through advanced threat protection, fraud prevention, device risk assessment, and continuous security monitoring. The following section highlights how Protectt.ai helps Nigerian Financial Institutions to comply with CBN regulatory requirements (PSP/DIR/PUB/CIR/001/001).
1. CBN Regulatory Mandate related to Runtime Mobile Application Security
- Anti-Screen Recording: A ban on taking screenshots or recordings within the financial app for security.
- Enterprise Fraud Monitoring: Enterprise-level real-time fraud monitoring for both incoming and outgoing transactions
Protectt.ai Solution (AppProtectt)
- Runtime Application Self-protection (RASP)
- Mobile SDK with 100+ App Security Features for Android, iOS & Huawei
- Eliminates Common Fraud Scenarios such as screen sharing, Screenshot capturing, etc.
- Network security to ensure all communication is protected to mitigate frauds
- Robust Malware protection with signature & behavior-based detection
- Global Regulatory Compliances
- Real Time Threat Monitoring & Over The Air Updates
2. CBN Regulatory Mandate related to Device Binding (Single Device Policy)
Mobile banking apps must be restricted to one device per customer. Logging in on a new device will automatically deactivate the app on the previous device.
Protectt.ai Solution (AppBind)
- Zero Trust SIM & Device Binding
- Complex Algorithm of Combinations between Device, SIM & Phone No.
- Eliminate Identity Thefts and Frauds like SMS Spoofing, Device Spoofing
- Validate User Identity at every launch
- Threat Intelligence and Analytics
- Available for Android, Huawei & iOS
3. CBN Regulatory Mandate related to Multi-Factor Authentication
Banks must implement "liveness checks" (using biometric validation) to ensure the person making the transaction is the account owner, aimed at preventing identity theft. The opt-in and opt-out processes must be protected with multi-factor authentication.
Protectt.ai Solution (AppAuth)
- SDK Based MFA solution
- Cryptographic Token-Based Authentication
- Manual TOTP, QR Scanning & Push Notification Approval
- Multi-Channel Failover Support & Available as Standalone App or SDK or API
- Centralized monitoring
- Available for Android, Huawei & iOS
4. CBN Regulatory Mandate related to BVN Phone Number Restrictions
Stricter rules for Bank Verification Number (BVN) updates mean that changing a linked phone number is heavily restricted (once in a lifetime) to reduce SIM-swap fraud.
Protectt.ai Solution (AppSMV)
- Zero User Friction with Silent Background Verification
- Eliminate SMS OTP Phishing and Interception Attacks
- Network Operator Verified Device Ownership
- Reduce Account Takeover Fraud
- Real-Time SIM Swap Detection
- Carrier-Grade Cryptographic Token Validation
5. CBN Regulatory Mandate related to Behavioral Analytics for Fraud Prevention
Implementation of behavioral biometrics to detect fraudulent activity via user typing speeds and interaction patterns.
Protectt.ai Solution (AppAuth)
- SDK Based In-App behavioral FRM Solution
- Device Fingerprinting
- Stealth Behavioral Analysis
- Behavioral Biometrics
- Account Take Over Defense
- Web & Other Channel Integration
- Dynamics Trust Metrics
Self-defending Mobile Infrastructure
By partnering with Protectt.ai, financial institutions in Nigeria can adhere to the regulatory requirements to establish a robust, self-defending mobile infrastructure that strengthens customer confidence and advances the goal of a secure, modern digital economy.
To achieve comprehensive mobile application security, please contact us at consult@protectt.ai. Our mobile app security experts will take you through a Live Demo and answer your queries in real-time.