Ecobank caps new device transactions at N20,000 for 24 hours to fight fraud

Ecobank Nigeria has introduced a N20,000 transaction cap for customers who register its mobile app for the first time or log in from a new device. The policy takes effect for the first 24 hours after the initial transaction on that device.

The bank says the move aligns with the Central Bank of Nigeria (CBN) Instant Payments Guidelines and is aimed at reducing unauthorised account access.

How the new mobile app rules work

Customers registering the Ecobank Mobile App for the first time, or using a device not previously linked to their account, will be unable to transfer or pay more than N20,000 per transaction during the first 24 hours. The restriction lifts automatically once the 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.

Device change requirement

Ecobank also changed the process for customers upgrading to a new 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 where a lost or stolen device might otherwise remain linked to a customer's profile.

Broader push against fraud

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.

Earlier, Ecobank Nigeria warned customers to be on the lookout for scammers while using its digital platforms during the holiday season. Adeola Ogunyemi, Ecobank Nigeria's Head of Consumer Banking, emphasised in a statement on Monday that customers can easily continue transactions and shopping through the bank's numerous digital platforms. She also stressed the bank's long-standing dedication to digital transformation, which seeks to enhance customer satisfaction and offer alternative methods of accessing banking services.

For Nigerian bank customers, the new rule means a temporary limit on large transfers when switching phones. But it also signals tighter security checks across the banking sector as regulators push lenders to protect instant payment channels from fraud.