• CBN Governor , Olayemi Cardoso
The Central Bank of Nigeria has extended the enforcement of Point-of-Sale terminal geo-fencing to August 1, 2026.
The directive contained in a circular dated May 29, 2026, signed by Director of the Payments System Supervision Department, Dr Rakiya Yusuf, gives financial institutions and payment service providers additional time to comply with the regulatory requirement aimed at strengthening oversight of electronic payment channels.
The circular was addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Switching and Processing Companies, Payment Terminal Service Providers, Payment Solution Service Providers, Super Agents, and other licensed operators in the Nigerian payments ecosystem.
The CBN stated that the decision followed engagements with stakeholders and considerations arising from the operationalisation of an earlier circular issued on August 25, 2025, which covered migration to ISO 20022 standards for payments messaging and the mandatory geo-tagging of payment terminals.
