Overview

This circular from the Central Bank of Nigeria (CBN) announces revisions to the implementation timeline and enforcement of POS geo-fencing requirements. The CBN has increased the geo-fence radius from 10 metres to 70 metres and extended the enforcement deadline to August 1, 2026. All deposit money banks, microfinance banks, mobile money operators, switching and processing companies, payment terminal service providers, payment solution service providers, super agents, and other licensed operators in the Nigerian payments ecosystem are required to comply. Evidence of compliance must be submitted to the Director of the Payments System Supervision Department via email by July 31, 2026. Financial institutions are also directed to resolve any operational issues with the National Central Switch within the stipulated timeline to facilitate compliance.

Download