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The short answer
Your transfer limit is set by three things: your KYC tier, your bank's own risk limits, and from 1 July 2026 the CBN's instant-payment controls, which let you set your own limit up to a reported maximum of ₦25 million a day for individuals. A newly activated banking app is capped at ₦20,000 for its first 24 hours, which is the most common reason a transfer fails after you change phone.
The three layers of limits
| Layer | Who sets it | What it does |
|---|---|---|
| KYC tier | CBN framework, applied by your bank | Caps what a Tier 1, 2 or 3 account can send and hold |
| Bank or app limit | Your bank or fintech, within CBN rules | Daily and per-transaction limits, often adjustable in the app |
| Instant-payment controls | CBN circular, effective 1 July 2026 | Customer-set limits, device binding and the new-device cap |
The lowest limit that applies is the one you hit. If you are on a low KYC tier, raising your app limit will not help; you need to upgrade your tier first. See KYC tiers in Nigeria for the tier rules.
What changed in July 2026
In March 2026 the CBN issued a circular on security measures and customer controls for instant payments, reported to take effect on 1 July 2026. As reported by Proshare, it requires banks and payment providers to:
- Let customers switch instant transfers on or off at any time, with multi-factor authentication for the change. New customers are opted in by default.
- Let customers adjust their own transfer limits, up to maximums of ₦25 million a day for individuals and ₦250 million for corporate accounts, with extra checks where the bank considers them necessary.
- Bind mobile banking apps to one device at a time; moving to a new phone triggers reactivation and authentication.
- Cap a newly activated mobile banking app at ₦20,000 in its first 24 hours.
- Require extra authentication the first time internet banking is used on a new device.
- Run fraud monitoring on money coming in and going out, with power to restrict suspicious transactions.
- Use liveness checks against BVN and NIN records for online account opening and reactivation.
Why your transfer failed
- "Limit exceeded" after a new phone
- Most likely the 24-hour new-device cap. Wait it out or use a device already registered.
- "Limit exceeded" on an old phone
- Your daily limit or your KYC tier. Check both in the app.
- "Transaction declined"
- Fraud monitoring may have held it. Contact your bank; do not keep retrying.
- "Instant payments disabled"
- You or someone with access may have switched them off. Re-enable with MFA.
- Transfer pending
- Often the receiving bank. See how NIP instant payments work.
Setting a limit that suits you
The new controls let you lower your limit as well as raise it, and a lower limit is a useful protection. If your phone is stolen or you are tricked into a transfer, a lower daily cap limits the damage.
- Look at your largest regular transfers over three months: rent, school fees, supplier payments.
- Set a daily limit a little above your normal largest day.
- Raise it temporarily when you have a one-off large payment, then lower it again.
- Consider turning off instant transfers on accounts you rarely send from, such as savings.
Worked example
Example only. Ifeoma's largest normal day is about ₦300,000, when she pays rent contributions and her mother's bills. She sets a daily limit of ₦400,000. In September she must pay ₦1.2 million in school fees, so she raises the limit the day before, makes the payment, and lowers it the next day. In October her phone is snatched; the thief, if they got past her PIN, could not have sent more than her limit. She also had to wait out the ₦20,000 first-day cap on her new phone, so she paid one urgent bill from her laptop's internet banking, which needed extra authentication on first use.
Businesses and corporate accounts
Corporate accounts have a higher reported ceiling of ₦250 million a day under the 2026 controls, but the same logic applies: set limits that match real payment patterns, and use approval steps so no single person can send large sums alone. Payroll and supplier runs are easier if limits are reviewed before the month's largest payment day rather than on it.
Practical tips
- Before changing phones, make any large payments due in the next day or two.
- Keep your KYC up to date so your tier is not the limit you hit.
- Large one-off payments are smoother if you raise the limit a day ahead.
- If a payment is held for review, answer your bank's checks; that is the monitoring working as intended.
- Never raise your limit because a caller asks you to. That is a common scam step.
Where Pryme fits
Pryme accounts use an authenticator app rather than SMS codes, plus a transaction PIN, for sending and for security changes. See security on Pryme and sending money. Pryme is a technology company; naira deposits are held by Solid Allianze Microfinance Bank, licensed by the CBN and insured by the NDIC up to the applicable limit.
Questions people ask
What is the maximum transfer limit per day in Nigeria?
Under the CBN's instant-payment controls reported to take effect on 1 July 2026, customers can set limits up to ₦25 million a day for individuals and ₦250 million for corporates. Your bank's limit and your KYC tier may be lower.
Why can I only send ₦20,000 on my new phone?
Newly activated mobile banking apps are capped at ₦20,000 for the first 24 hours under the CBN's 2026 controls. The cap lifts after that.
How do I increase my transfer limit?
Upgrade your KYC tier if that is the cap, then adjust your daily limit in your bank's app. The bank may run extra checks for higher limits.
Can I turn off instant transfers on my account?
Yes. Banks must let you switch instant payments on or off at any time, with multi-factor authentication.
Sources
- Proshare: CBN introduces new security measures and customer controls for instant payments · accessed Oct 2026
- CBN circular PSM/DIR/CON/CWO/07/127: Reduction of chargeback period for ATM, POS and web transactions · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.