CBN Mandates ISO 20022 Adoption by 2025 for Nigerian Banks and Fintechs!
The Central Bank of Nigeria (CBN) has set a deadline of October 31, 2025, for banks, fintech companies, and other players in the payment sector to adopt the ISO 20022 standard and geo-tag their Point of Sale (PoS) terminals. This directive aims to enhance the efficiency and security of electronic payment systems in Nigeria, aligning them with international standards.
The move is part of CBN's efforts to combat fraud and ensure the integrity of the financial ecosystem. By migrating to ISO 20022, financial institutions will improve data interchange and standardize messaging, promoting interoperability and reducing vulnerabilities in the payment infrastructure.
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