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 ...