CBN Mandates Registration of 4 Million POS Terminals to Curb Fraud
The Central Bank of Nigeria (CBN) has mandated the registration of all 4 million Point of Sale (POS) terminals to curb fraud and enhance transaction monitoring. The CBN directive requires operators, including Moniepoint, OPay, and PalmPay, to implement new rules within 60 days.
The move aims to prevent the misuse of cloned or ghost terminals by ensuring each device is registered with exact GPS coordinates. Failure to comply will result in the deactivation of terminals, with operators held responsible for ensuring network compliance.
The deadline for compliance is set for October 20, 2025, with strict penalties for non-adherence, signaling a significant regulatory shift in the fintech sector.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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