CBN issues a 60-day ultimatum to all POS agents or get flogged, following introduction of Geo-Tagging of POS Terminals
The Central Bank of Nigeria (CBN) has given all Point of Sale (PoS) operators 60 days to link their machines to a specific location (geo-tagging).
In a circular dated August 26, 2025, the bank said the move is aimed at reducing fraud, protecting customers, and making transactions more secure and traceable.According to CBN, any POS machine used outside its registered location will be known, while devices that fail to meet the rule by October 20, 2025, will be dissembled.So basically, what this means is that a GPS is going to be fixed at various locations and POS must be linked to it. You see those POS devices people carry about? Some are ghost terminals, fake and cloned, they use it to defraud others but as it stands, once they move away from the GPS linked to it, it gets disconnected like wifi and rendered useless.Henceforth, if you get scammed at a POS point, authorities can easily track where the transaction happened. I love this development but the problem I have now is that newer machines with GPS might be expensive and my people will pass this cost to customers through higher charges.Again, some agents could be cut off if they fail to meet the deadline, reducing access to cash in certain areas temporarily. Oh my God network is another problem because if the GPS glitches, a legitimate transaction could be wrongly tagged as fradulent.
