Nigeria: Circular on migration and mandatory terminal geo-tagging enters into force

On 31 October 2025, the obligations under the Circular on migration and mandatory terminal geo-tagging enter into force. The Circular requires all licensed operators within Nigeria’s payments ecosystem, including Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Mobile Money Operators (MMOs), Switching and Processing Companies (SPCs), Payment Terminal Service Providers (PTSPs), Payment Solution Service Providers (PSSPs), and Super Agents (SAs), to achieve full compliance with the migration to the ISO 20022 messaging standard and the mandatory terminal geo-tagging requirements set out in the Central Bank of Nigeria (CBN) circular No. PSS/DIR/PUB/CIR/001/001. All transaction messages have to align with ISO 20022 and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) specifications, ensuring all mandatory data fields are completed. Payment terminals were required to use dual-frequency Global Positioning System (GPS) receivers, be registered with a Payment Terminal Service Aggregator (PTSA), and operate on Android Operating System (OS) version 10 or higher. Terminals that were not geo-tagged or not routed through a PTSA were prohibited from processing transactions.