Nigeria: CBN Orders Banks, Fintech Firms to Make GPS Tracking Mandatory for PoS Terminals

Nigeria: CBN Orders Banks, Fintech Firms to Make GPS Tracking Mandatory for PoS Terminals

The CBN also directed payment companies to adopt a new global standard for transaction messages, known as ISO 20022, by 31 October.

CBN orders banks, fintech firms to make GPS tracking mandatory for PoS terminals

The CBN also directed payment companies to adopt a new global standard for transaction messages, known as ISO 20022, by 31 October. The post CBN orders banks, fintech firms to make GPS tracking mandatory for PoS terminals appeared first on Premium Times Nigeria.

CBN Orders Geo-tagging Of All PoS Terminals In Nigeria - InsideBusiness - Business News in Nigeria

The Central Bank of Nigeria has directed that all Point of Sale (PoS) terminals in the country be geo-tagged within 60 days as part of measures to curb fraud and strengthen 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 CBN said in…

CBN Orders Geo-Tagging of All POS Terminals Within 60 Days - Thepodiummedia

The Central Bank of Nigeria (CBN) has directed that all Point of Sale (PoS) terminals in the country be geo-tagged within the next 60 days as part of measures to curb fraud and strengthen oversight of the fast-growing sector.In a circular issued to operators, including Moniepoint, OPay, PalmPay, commercial banks, and other licensed providers, the apex bank said every existing PoS device must be registered with its exact GPS coordinates before th…

CBN Mandates Banks, Fintechs to Migrate POS Messaging to ISO 20022 System - Tech

The Central Bank of Nigeria (CBN) has mandated all banks, Payment Solution Service Providers (PSSPs), and licensed operators within the Nigerian payment network to upgrade to the ISO 20022 messaging standard for payments and settlement, and to implement mandatory geo-tagging of payment terminals. In a circular published on its website and signed by Rakiya Yusuf, director of the Payment System Supervision Department, the apex bank explained that …

CBN Orders Banks to Complete Payment System Upgrade by Oct. 31 - Economi Confidential

CBN Orders Banks to Complete Payment System Upgrade by Oct. 31 The Central Bank of Nigeria has issued a fresh directive mandating all participants in the country’s payment ecosystem to complete migration to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025. In a circular published on its […] The post CBN Orders Banks to Complete Payment System Upgrade by Oct. 31 appeared first on Econom…