The Central Bank of Nigeria (CBN) has given all Point of Sale (PoS) operators in the country 60 days to geo-tag their terminals or risk losing access to the payment system.

In a circular released on Tuesday, August 26, 2025, the apex bank said the move is aimed at tackling fraud, stopping cloned terminals, and ensuring real-time monitoring of transactions across the fast-growing PoS industry.

According to the directive, every PoS device currently in use must be registered with its exact GPS coordinates before the October 20 deadline. New devices, on the other hand, must be geo-tagged before they can be activated.

The CBN warned that any terminal operating outside its registered location will be automatically flagged and deactivated. Merchants will also be restricted to processing payments only within a 10-metre radius of their registered business addresses.

“All PoS devices must have native geolocation features and be linked to the National Central Switch through a special software development kit (SDK). This will allow us to trace terminals, monitor their activities, and secure consumer transactions,” the bank explained.

The policy affects major fintechs and banks, including Moniepoint, OPay, PalmPay, and other licensed operators. Payment Terminal Service Providers (PTSPs) and mobile money companies have also been tasked with ensuring full compliance across their networks.

The apex bank noted that the initiative is part of broader efforts to modernise Nigeria’s payment system, improve consumer protection, and strengthen trust in digital financial services.