CBN Mandates Geo-Tagging for All PoS Terminals in Nigeria to Combat Fraud

The Central Bank of Nigeria (CBN) has issued a new directive requiring all Point of Sale (PoS) terminal operators to geo-tag their devices. This measure is part of a broader strategy to enhance the security of digital payments and reduce fraudulent activities within the financial system.

According to a circular released by the CBN and signed by the Director of Payment System Management Department, the new policy gives operators a 60-day deadline to comply, effective from the date of the notice. Geo-tagging involves assigning a specific geographical location to each PoS terminal using GPS coordinates.

The central bank stated that this move is designed to strengthen the oversight of terminal operations and provide a clearer framework for managing agency banking services. By knowing the exact physical location of every terminal, regulators and operators can more easily track and investigate suspicious transactions, thereby curbing incidents of fraud and money laundering.

This directive affects all acquiring banks, independent PoS terminal operators, and major payment service providers. The CBN has warned that failure to comply with the new regulation will result in sanctions, which may include the withdrawal of operating licenses.

The initiative is seen as a significant step in the CBN's ongoing efforts to create a more secure and reliable payment ecosystem in Nigeria, which has experienced rapid growth in fintech adoption and digital transactions in recent years

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