The Central Bank of Nigeria (CBN) has directed all Point-of-Sale (PoS) operators, including Moniepoint, OPay, PalmPay and other financial service providers, to geo-tag their terminals within the next 60 days or risk being shut down. The apex bank said the new regulation, announced on Monday, is aimed at curbing fraud, monitoring transactions more effectively and eliminating the use of cloned or illegal devices across the country.
According to the directive, every PoS machine must be equipped with a functional GPS feature that links directly to the National Central Switch through a designated software kit. The measure, CBN explained, will enable authorities to trace the exact location of each transaction and ensure that operators are conducting business only within approved areas.
Merchants have also been ordered to restrict the use of their terminals to within 10 metres of their registered addresses. Any device that is either un-tagged or used outside the approved location will automatically be deactivated once the deadline expires.
The apex bank revealed that enforcement will begin on October 20, 2025, when inspectors will embark on compliance checks across the country. By then, financial institutions and fintech companies are expected to have fully implemented the directive to avoid sanctions.