The Central Bank of Nigeria (CBN) has given financial institutions and payment firms until October 31, 2025 to fully comply with the ISO 20022 messaging format and new rules on geo-tagging payment terminals.
The directive, published on the bank’s website and signed by Dr Rakiya O. Yusuf, Director of the Payments System Supervision Department, makes it clear that compliance is not optional.
Why the Shift to ISO 20022 Matters
ISO 20022 is the new global standard for payment messaging, already being adopted worldwide in line with the SWIFT migration timeline. With the CBN directive, every electronic payment in Nigeria — whether local or international — must now carry enhanced data fields such as payer and payee identifiers, merchant details, and transaction metadata.
The apex bank explained that this move will strengthen Nigeria’s payment infrastructure and bring it closer to international best practices.
All payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications,” the circular stated.
Geo-Tagging Now Mandatory
Beyond messaging reforms, the circular introduced compulsory geo-tagging for all payment terminals across the country.
Every payment device, old or new, must now include native geolocation services backed by dual-frequency GPS receivers. These coordinates must be tied to the business location of the merchant and registered with a recognised Payment Terminal Service Aggregator (PTSA).
The regulator also announced that Android 10 is the new minimum operating system required for all payment terminals.
Transactions carried out on non-compliant devices will not be permitted. The circular further confirmed that geo-location data must be captured during every transaction and added to the reporting fields.
“All existing terminals must be geo-tagged within 60 days of this circular; new terminals going forward must be geo-tagged before certification and activation,” the bank instructed.
CBN: Compliance Checks Begin Soon
According to the CBN, validation exercises will begin from October 20, 2025, just days before the official deadline. Operators that fail to comply risk being locked out of the payment ecosystem.
This policy applies to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Switching companies, Payment Terminal Service Providers, Payment Solution Service Providers, and Super Agents.
Industry watchers note that the move could reduce fraud, improve oversight, and make Nigeria’s financial sector more transparent.
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[…] The Central Bank of Nigeria (CBN) has given banks, fintechs, and payment operators a 31 October, 202… to fully adopt ISO 20022 and geo-tagging of payment points as compulsory. The order, signed by Payments System Supervision Department’s Dr. Rakiya Yusuf, states that the compliance will not be made voluntary. […]
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