Bank Customers Can Now Set Personal Limits and Opt Out of Instant Payments

The Central Bank of Nigeria (CBN) has announced new measures giving bank customers greater control over Instant Payments (IP), the electronic transfer service widely used across the country. The changes will take effect on July 1, 2026.

Under the new rules, customers can choose to opt in or out of the instant payment system and set personal transaction limits. By default, new customers will be enrolled in the service upon account opening, but they can change this status at any time using multi-factor authentication (MFA).

Customers who opt out will be unable to make instant online transfers, though they can still conduct transactions in person at their bank branches.

The guidelines also allow individuals to adjust their transaction limits, which currently cap at ₦25 million for personal accounts and ₦250 million for corporate accounts. Any adjustments will require additional checks by the bank and will take effect immediately once verified through MFA.

The CBN said the measures are designed to strengthen financial system stability and set the minimum standards for instant payments in Nigeria.