Di Central Bank of Nigeria don extend di allowed geo-fence radius for Point-of-Sale terminals by 600 percent. Dem shift enforcement of di directive to August 1, 2026. Dis one give banks and payment operators more time to comply with tighter monitoring rules.
Di circular wey Rakiya Mohammed, director of di Payments System Supervision Department, sign, increase di allowable geo-fence radius from 10 metres to 70 metres. Dis follow engagement with industry stakeholders over operational challenges wey di implementation bring.
Di move come as CBN dey intensify oversight of Nigeria fast-growing digital payments ecosystem. Dem wan avoid disruptions to banking and fintech operations. Di geo-fencing policy na to make sure PoS terminals operate only inside approved locations. Dis go help regulators and payment operators track devices more accurately and curb fraud, identity theft, and oda illicit financial activities.
Di revised timeline delay enforcement of di geo-fencing requirement until August 1, 2026. Before, di deadline bin set under di August 25, 2025 circular on migration to ISO 20022 payment messaging standards and mandatory geo-tagging of payment terminals.
According to CBN, all financial institutions suppose resolve operational issues with di National Central Switch before di new deadline. Dis go ensure seamless compliance. Di apex bank direct banks and payment service providers to submit evidence of compliance to di Payments System Supervision Department by July 31, 2026.
Di extension highlight di operational complexities wey banks and fintech firms dey face as Nigeria accelerate efforts to modernise payment infrastructure, improve transaction traceability, and align im financial system with global messaging standards under ISO 20022.
In August 2025, CBN issue a directive to commercial banks, microfinance banks, mobile money operators, and oda licensed participants for Nigeria payments ecosystem. Dem mandate full migration to di ISO 20022 payment messaging standard by October 31, 2025. Di apex bank also make geo-tagging mandatory for all payment terminals to improve data accuracy, strengthen transaction traceability, and enhance transparency across di financial system.
Di directive align with global SWIFT standards and support Nigeria drive toward a more secure and standardised payments infrastructure.
