The Central Bank of Nigeria (CBN) has directed that all Point of Sale (PoS) terminals in the country be geo-tagged within the next 60 days as part of measures to curb fraud and strengthen oversight of the fast-growing sector.

In a circular issued to operators, including Moniepoint, OPay, PalmPay, commercial banks, and other licensed providers, the apex bank said every existing PoS device must be registered with its exact GPS coordinates before the October 20, 2025, compliance deadline. New devices, it added, must be geo-tagged prior to activation.

“The move is meant to curb fraud, stop the use of cloned or ‘ghost’ terminals, and make it easier to track transactions in real time,” the CBN stated.

Under the directive, PoS devices must be updated with built-in GPS systems and linked to the National Central Switch for monitoring through a special software development kit (SDK).

Merchants will only be permitted to process transactions within a 10-metre radius of their registered business addresses.

The CBN warned that any terminal operating outside its registered location would be deactivated, with Payment Terminal Service Providers (PTSPs) and mobile money companies held responsible for ensuring compliance across their networks.

The order comes amid the rapid expansion of the PoS industry, which by 2023 had grown to an estimated 1.5 million agents nationwide—about one for every 80 Nigerians.

Authorities say the boom has also opened loopholes for fraud, with some terminals linked to scams and even ransom payments. (Nigerian Tribune)