The Central Bank of Nigeria has ordered that all Point of Sale terminals across the country be geo-tagged within 60 days. The directive, issued in a statement on August 26, is aimed at curbing fraud and strengthening oversight of digital payments.
The bank explained that the move will make transactions fully traceable and allow real-time monitoring. PoS machines operating outside their registered locations will be flagged, while non-compliant devices risk deactivation after the October 20 deadline.
Also Read: FG Licenses New Hybrid Crude Export Terminal
Newly deployed PoS terminals are to be fitted with built-in geolocation features and dual-frequency GPS receivers for accurate tracking. Each device must transmit its location at the start of every transaction, with any activity beyond a 10-metre radius of the merchant’s registered address automatically flagged.
Licensed operators, including banks and major fintech firms such as Moniepoint, OPay and PalmPay, are required to register all terminals with payment aggregators and provide precise merchant coordinates. The CBN says the initiative is also part of a wider plan to modernise Nigeria’s payment system and enhance consumer protection.
Leave feedback about this
You must be logged in to post a comment.