CBN Expands PoS Geo-fencing, Extends Compliance Deadline
The Central Bank of Nigeria (CBN) has announced an increase in the geo-fencing radius for Point of Sale (PoS) terminals from 10 meters to 70 meters. This change is part of a broader initiative to enhance the oversight of electronic payment channels and combat fraud.
The compliance deadline for this new regulation has been shifted to August 1, 2026. This decision follows consultations with industry stakeholders and aims to ease the implementation challenges faced by banks and fintech payment service providers.
The CBN's Director of Payment System Supervision, Dr. Rakiya O. Yusuf, emphasized the importance of compliance, urging financial institutions to resolve outstanding technical challenges within the stipulated timeline.
The apex bank has mandated that evidence of compliance must be submitted to the Payment System Supervision Department no later than July 31, 2026. This adjustment reflects the CBN's commitment to strengthening the integrity and security of Nigeria's rapidly growing digital payment landscape.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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