CBN gives more time for PoS geo-fencing compliance
The Central Bank of Nigeria has extended the deadline for enforcing geo-fencing on Point-of-Sale terminals. The move gives financial institutions and payment service providers more time to meet the regulatory requirements. The extension follows feedback from stakeholders and aims to strengthen oversight of electronic payment channels. Several key adjustments have been announced in a recent circular.
TLDR
- The Central Bank of Nigeria has postponed the enforcement of PoS terminal geo-fencing to August 1, 2026.
- The circular, dated May 29, 2026, was signed by Dr Rakiya Yusuf, Director of the Payments System Supervision Department.
- The permissible geo-fence radius for PoS terminals has been increased from 10 metres to 70 metres.
- Affected institutions must submit evidence of compliance to the CBN by July 31, 2026.
- The changes are intended to improve transaction monitoring and ensure a smoother implementation of the policy.
