*The Central Bank of Nigeria directs all Point of Sale terminals in the country to be geo-tagged within the next 60 days as part of measures towards curbing fraud while strengthening supervision of the fast-growing FinTech sector of the economy

Isola Moses | 绿帽献妻

As part of measures aimed at curbing fraud while strengthening supervision of the fast-growing Financial Technology (FinTech) sector, the Central Bank of Nigeria (CBN) has directed that all Point of Sale (PoS) terminals in the West African country to be geo-tagged in the next 60 days.

绿帽献妻 reports the CBN issued this directive in a circular issued to operators, including Moniepoint, OPay, PalmPay, commercial banks, and other licensed service providers.

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The Bankers鈥� Bank also noted that every existing PoS device must be registered with its exact GPS coordinates before the October 20, 2025, compliance deadline in the country鈥檚 financial ecosystem.

The circular stated that new devices must be geo-tagged prior to activation henceforth.

It is noted that the latest directive is coming on the heels of the rapid expansion of the PoS industry, which as of 2023, had grown to estimated 1.5 million agents nationwide鈥攁bout one for every 80 Nigerian consumers.

Authorities have opined that such a boom in the PoS business, also has opened lapses for fraud, with some terminals linked to scams and even ransom payments in Nigeria, according to reports.

The Bank said: 鈥淭he move is meant to curb fraud, stop the use of cloned or 鈥榞host鈥� terminals, and make it easier to track transactions in real time.鈥�

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Under the directive, PoS devices must be updated with built-in GPS systems and linked to the National Central Switch for monitoring through a special software development kit (SDK).

Merchants will only be permitted to process transactions within a 10-metre radius of their registered business addresses.

The CBN, however, cautioned the stakeholders that any PoS terminal operating outside its registered location would be deactivated, with Payment Terminal Service Providers (PTSPs) and mobile money companies held responsible for ensuring compliance across their networks.

The order comes amid the rapid expansion of the PoS industry, which by 2023 had grown to an estimated 1.5 million agents nationwide鈥攁bout one for every 80 Nigerians.

Authorities say the boom has also opened loopholes for fraud, with some terminals linked to scams and even ransom payments.

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