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CBN Sets Oct. 31 Deadline for Bank Payment System Upgrade

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The Nigerian Central Bank has released new instructions requiring everyone involved in the nation’s payment system to transition fully to the ISO 20022 message format and enforce compulsory geolocation tracking for payment devices by October 31, 2025.

A circular posted on its website on Tuesday served as a reminder from the central bank to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Switching and Processing Entities, Payment Terminal Service Providers, Payment Solutions Service Providers, Super Agents, and other authorized entities that ISO 20022 has become the worldwide standard for payment messages.

A circular issued by the Director of the Payments System Supervision Department, Dr Rakiya Yusuf, and dated August 25, 2025, mentioned that this action corresponds to SWIFT’s worldwide transition schedule and aims to establish uniform high-quality data throughout Nigeria’s financial sector.

“All domestic and international payment transaction messages must adhere to the ISO 20022 format as per CBN and SWIFT guidelines,” it stated, emphasizing that financial entities should also guarantee correct filling of required data fields, such as sender and recipient identification details, merchant and intermediary identifiers, along with transaction information.

The Central Bank emphasized that adherence to these conditions is mandatory and cautioned that every relevant institution needs to finish migration processes and reach total compliance prior to the October 31 cutoff date.

Compliance verification activities are set to begin on October 20, 2025. In addition to message protocols, the bank has implemented required geolocation tagging for payment devices to improve monitoring and reduce fraudulent activity within digital transactions.

It required that all current and newly installed terminals must feature built-in location tracking capabilities utilizing dual-band GPS technology and be linked to a Payment Terminal Service Aggregator through accurate geographic coordinates.

Additionally, it required that Android OS version 10 must be the lowest acceptable software standard for all devices to guarantee alignment with the National Central Switch’s location tracking system.

Terminal devices that are not explicitly connected via a PTSA will be prohibited from conducting transactions, whereas geolocation information needs to be recorded at the time of the transaction and added to the message body as an obligatory report field.

“All current terminals are required to have their geographical locations recorded within 60 days from the date of this notice; future new terminals should have their geographic tags set up prior to getting certified and being activated,” the notice mentioned.

As per the central bank, these changes seek to enhance Nigeria’s payment systems, increase openness, and bring them into line with global standards.

Supplied by SyndiGate Media Inc.
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