The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]
The Central Bank of Nigeria (CBN) has extended the deadline for enforcement of its mandatory Point of Sale (PoS) terminal geo-fencing framework to 1 August, giving payment service providers an extended compliance window.
The postponement was disclosed in a circular signed by the CBN Director of the Payments System Supervision Department, Rakiya Yusur, on Friday.
In August 2025, the CBN directed that all PoS terminals in the country be geo-tagged within 60 days as part of measures to curb fraud and strengthen oversight of digital payments under ISO 20022 standards.
The directive requires all players in Nigeria’s payments ecosystem, including Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Mobile Money Operators (MMOs), Super Agents, and switching companies, to adopt the ISO 20022 messaging standard and geo-tag all payment terminals.
