Get Guardian on GoogleThe Central Bank of Nigeria (CBN) has directed that all Point of Sale (PoS) terminals across the country be geo-tagged within 60 days.
In a statement dated August 26, the bank said the measure is aimed at curbing fraud and strengthening oversight of digital payments. It also forms part of efforts to improve consumer protection and ensure that transactions are traceable.
“This initiative is designed to ensure that all PoS terminals are traceable and that transactions are secure,” the CBN said. Devices operating outside their registered location will be flagged, while non-compliant machines will be deactivated after October 20.
According to the directive, each PoS device must capture and transmit its location at the start of every transaction. Any activity beyond a 10-metre radius of the registered merchant address will automatically be flagged.
Newly deployed devices are expected to include geolocation features and double-frequency GPS receivers for accuracy.
Licensed operators, including commercial banks and fintech firms such as Moniepoint, OPay and PalmPay, are required to register each terminal with a payment aggregator and provide precise merchant coordinates.
The CBN said the enforcement would help eliminate “ghost” or cloned terminals and enable real-time monitoring of transactions.
