The Central Bank of Nigeria (CBN) has set an October 31, 2025 deadline for all financial institutions and payment operators in the country to fully migrate to the ISO 20022 global payments messaging standard and implement geo-tagging of payment terminals.
According to a circular published on Tuesday on the apex bank’s website, the directive applies to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Switching and Processing Companies, Payment Terminal Service Providers, Super Agents, and other licensed operators.
The circular, dated August 25 and signed by Dr. Rakiya Yusuf, Director of Payments System Supervision, stated that the reform aligns with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) migration timeline and is aimed at standardising data quality across Nigeria’s financial ecosystem.
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“All payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications,” the notice read.
It further mandated the inclusion of key data such as payer and payee identifiers, merchant and agent details, and transaction metadata.
According to Punch, the bank warned that compliance is compulsory, noting that validation exercises will commence on October 20, 2025, ahead of the final deadline.
Beyond messaging standards, the CBN also directed the mandatory geo-tagging of all payment terminals to improve oversight and curb fraud.
Existing and newly deployed terminals must be equipped with native geolocation services and dual-frequency GPS receivers, registered with a Payment Terminal Service Aggregator (PTSA), and provide accurate latitude and longitude coordinates.
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Additionally, terminals must run on Android OS version 10 or higher to ensure compatibility with the National Central Switch’s geolocation monitoring system. Geo-location data is to be captured at the point of transaction and included in the payment message payload as a required reporting field.
“All existing terminals must be geo-tagged within 60 days of this circular; new terminals must be geo-tagged before certification and activation,” the CBN stated.
The apex bank emphasised that the reforms are designed to strengthen Nigeria’s payments infrastructure, improve transparency, and bring the system in line with international best practices.
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