The Central Bank of Nigeria (CBN) has issued a new directive mandating banks, fintech firms, and other licensed payment operators to install GPS tracking systems on all Point of Sale (PoS) terminals.
The measure, outlined in a circular dated August 25 and signed by Rakiya Yusuf, Director of the Payments System Supervision Department, is aimed at tightening oversight and improving transparency in Nigeria’s electronic payment ecosystem.
According to the apex bank, all PoS devices must come equipped with “native geo-location services enabled, with Double-Frequency GPS receivers for reliable geo-location service.”
Operators are also required to register each terminal with a Payment Terminal Service Aggregator (PTSA) and submit the precise coordinates of the merchant’s or agent’s business location.
In addition, every transaction must now include geo-location data, while any activity conducted outside a 10-metre radius of the registered site will be automatically flagged for review.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
