The Digest:
The Central Bank of Nigeria (CBN) has mandated that all Point of Sale (PoS) terminals be geo-tagged within the next 60 days. This directive, a new step in the fight against financial fraud, effectively creates a Digital Watchtower that will monitor and secure digital payments across the country.
Key Points:
- The CBN has mandated geo-tagging for all PoS terminals.
- The directive is part of an effort to curb fraud.
- All terminals must be registered with accurate merchant coordinates.
- Devices operating outside their registered location will be flagged.
- The policy aims to eliminate "ghost" or cloned terminals.
- The deadline for compliance is October 20, 2025.
- Non-compliant terminals will be deactivated after the deadline.
The new mandate marks a significant step towards securing digital transactions in Nigeria.
Sources: Business Day
