CBN has given banks deadline to fully migrate to ISO 20022 and a mandatory geo-tagging of payment terminals.
NaijaOnPoint Nigeria reports that the Central Bank of Nigeria (CBN) has directed all operators in the nation’s payments ecosystem to complete migration to the ISO 20022 global messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025.
In a circular dated August 25, 2025, and published on its official website, the apex bank reminded Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Mobile Money Operators (MMOs), Switching and Processing Companies, Payment Terminal Service Providers (PTSPs), Payment Solution Service Providers (PSSPs), Super Agents, and other licensed stakeholders that compliance is compulsory.
Signed by Dr. Rakiya O. Yusuf, Director of the Payments System Supervision Department, the document emphasised that ISO 20022 has become the global benchmark for payments messaging in line with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) timeline.
“All payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications,” the circular stated.
Mandatory Data and Geo-Tagging Rules
Operators must ensure accurate population of mandatory data elements such as payer and payee identifiers, merchant and agent identifiers, and transaction metadata.
Beyond messaging standards, the CBN also mandated geo-tagging of all payment terminals to strengthen oversight, improve transparency, and curb fraud.
Under the directive:
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All existing and new payment terminals must be equipped with native geolocation services supported by double-frequency GPS receivers.
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All devices must run a minimum Android OS version 10 for compatibility with the National Central Switch monitoring system.
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Every terminal must be registered with a Payment Terminal Service Aggregator (PTSA), with latitude and longitude coordinates tied to each merchant’s location.
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Geo-location data must be captured at the point of transaction and included as a mandatory reporting field.
The CBN further warned that any terminal not routed through a PTSA will not be permitted to process transactions.
Compliance Timeline
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Operators have 60 days from the date of the circular to geo-tag all existing terminals.
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New terminals must be geo-tagged before certification and activation.
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Compliance validation checks will begin on October 20, 2025, ahead of the final deadline.
The apex bank stressed that the reforms aim to strengthen Nigeria’s payments infrastructure, enhance transparency, and align the financial system with international best practices.