The Central Bank of Nigeria (CBN) on Wednesday ordered the geo-tagging of all Point of Sale (PoS) terminals in the country.
The CBN in a statement said the process must be completed within 60 days as a measure to curb fraud.
According to the apex bank, the geo-tagging of pos in the country will also strengthen the oversight of digital payments.
“This initiative is designed to ensure that all PoS terminals are traceable and that transactions are secure. Terminals operating outside their registered location will be flagged, and non-compliant devices will be deactivated,” the bank said.
The CBN added that the process will also help in eliminating what it described as ghost or cloned terminals and enable real-time monitoring of transactions
The PoS when tagged will native the native geolocation features and double-frequency GPS receivers for accurate tracking.
CBN also warned that failure to comply with the new directive by the expiration of the 60 days (October 20, 2025) will lead to deactivation.
These devices, the apex bank said, must also be able to capture and transmit their location at the start of every transaction, with activity beyond a 10-meter radius of the registered merchant address automatically flagged.
Operators licensed by the banks and fintech companies are expected to register each terminal with a payment aggregator and provide precise merchant coordinates.
