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CBN mandates full migration to ISO 20022 messaging standard by October 31, 2025.
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All payment terminals must be geo-tagged and meet Android OS 10 minimum requirement.
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Compliance validation exercises to commence October 20, 2025.
The Central Bank of Nigeria (CBN) has directed all participants in the country’s payment ecosystem to migrate fully to the ISO 20022 messaging standard and implement geo-tagging of payment terminals by October 31, 2025.
The directive applies to Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Mobile Money Operators (MMOs), Switching and Processing Companies, Payment Terminal Service Providers (PTSPs), Payment Solution Service Providers (PSSPs), Super Agents, and other licensed operators.
The circular, dated August 25, 2025, and signed by Dr Rakiya O. Yusuf, Director of the Payments System Supervision Department, emphasised that “all payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications.” Institutions are required to ensure accurate population of all mandatory data elements, including payer and payee identifiers, merchant and agent identifiers, and transaction metadata.
Beyond messaging standards, the CBN has introduced compulsory geo-tagging for all payment terminals to improve oversight and curb fraud.
Terminals must be registered with a Payment Terminal Service Aggregator (PTSA) and linked to precise latitude and longitude coordinates for merchant locations.
Android OS version 10 is now the minimum requirement for all terminals to ensure compatibility with the National Central Switch’s geolocation monitoring system. Terminals not routed through a PTSA will not be permitted to transact.
The regulator further stated that compliance validation exercises will commence from October 20, 2025.
The reforms aim to strengthen Nigeria’s payments infrastructure, enhance transparency, and align the nation’s financial system with international best practices.
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ISO 20022 facilitates richer, more accurate financial messaging, while geo-tagging allows regulators to verify terminal locations, track usage, and prevent unauthorised redeployment of devices.
CBN has mandated ISO 20022 adoption and terminal geo-tagging by October 31, 2025, with validation starting October 20. All licensed payment operators must comply, ensuring accurate data reporting and secure terminal deployment.
