Fintech Nigeria

The Central Bank of Nigeria (CBN) has officially announced an extension for the mandatory geo-fencing compliance directive targeted at Point-of-Sale (PoS) terminals across the country. According to a recent circular signed by Rakiya Mohammed, Director of the Payments System Supervision Department, commercial banks and payment service operators now have until August 1, 2026, to fully meet the policy requirements.

In a major move to address initial operational hurdles faced by fintech players, the apex bank has also expanded the acceptable operational radius for PoS hardware from the initial 10 metres to a wider 70 metres. This significant 600% adjustment is designed to offer operators more operational flexibility while still improving internal data accuracy, terminal tracing capabilities, and mitigating fraud risks.

Concurrently, the regulatory body has adjusted the timeline for financial institutions to submit proof of compliance regarding the global ISO 20022 payment messaging standard, shifting that target to July 31, 2026. These updates align with ongoing efforts to modernize Nigeria’s broader payment infrastructure, balancing strict security standards with merchant flexibility in the active financial market.