The Central Bank of Nigeria has announced a new deadline and directive to all Nigerian banks, Mobile Money Operators, MMOs, Switching and Processing Companies, Payment Terminal Service Providers, PTSPs, Payment Solution Service Providers, PSSPs, Super Agents and other licensed operators to migrate to the ISO 20022 messaging standard and implement geo-tagging of payment terminals.
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In a circular dated August 25, 2025, signed by the CBN’s Director of the Payments System Supervision Department, Rakiya Yusuf, the bank stated that the migration deadline is October 31, 2025...READ FULL; FROM THE SOURCE.
The CBN added that it would commence compliance checks on October 20, 2025.
All payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications.
“All existing terminals must be geo-tagged within 60 days of this circular; new terminals going forward must be geo-tagged before certification and activation,” the CBN stated.
The apex bank explained that the directive aligns with its SWIFT global migration timelines circulars issued on July 17 and September 23, 2020.
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