In a statement dated August 26, 2025, CBN said the move was part of measures to curb fraud and strengthen oversight of digital payments.
It reads in part: “‘It is also part of a broader plan to modernise Nigeria’s payment system, improve consumer protection, and ensure that digital financial transactions are secure and fully traceable.
“This initiative is designed to ensure that all PoS terminals are traceable and that transactions are secure. Terminals operating outside their registered location will be flagged, and non-compliant devices will be deactivated, ” the statement said
The bank explained that the move wi help eliminate “ghost” or cloned terminals and enable real-time monitoring of transactions.
Newly deployed PoS devices will now have native geolocation features and double-frequency GPS receivers for accurate tracking. Terminals failing to comply with the October 20, 2025, deadline will no longer be allowed to operate.
Each PoS device must capture and transmit its location at the start of every transaction, with activity beyond a 10-meter radius of the registered merchant address automatically flagged.
Licensed operators, including major banks and fintech companies like Moniepoint, OPay, and PalmPay, are expected to register each terminal with a payment aggregator and provide precise merchant coordinate.
