The Central Bank of Nigeria CBN has ordered that all Point of Sale PoS terminals be restricted to a 10-metre radius of their registered business locations, in what is set to become one of the most sweeping reforms of Nigeria's payment system.
In a circular signed by Rakiya Yusuf, director of the payments system supervision department, the apex bank said geo-location data will now be captured at every transaction point and included in the reporting payload. It directed that all existing terminals-about six million-be geo-tagged within 60 days, with compliance checks starting on October 20, 2025.
The directive also mandates operators such as Moniepoint, Opay, and Palmpay to ensure all PoS devices have GPS-enabled geolocation services. In addition, operators must adopt the ISO 20022 messaging standard, a global protocol designed to harmonise financial transactions and align with SWIFT's ongoing migration.
