The Central Bank of Nigeria (CBN) has established an updated deadline and directives for all financial institutions in Nigeria, including 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.
These entities are required to transition to the ISO 20022 messaging standard and implement geo-tagging for payment terminals.
In a notice dated August 25, 2025, and signed by Rakiya Yusuf, the Director of the Payments System Supervision Department, the CBN stipulated that the migration deadline is set for October 31, 2025.
Additionally, the CBN indicated that it will initiate compliance audits starting on October 20, 2025.
All payment transaction messages exchanged, whether domestically or internationally, must adhere to the ISO 20022 format in accordance with CBN and SWIFT specifications.
All existing terminals must undergo geo-tagging within 60 days of this notice; any new terminals must be geo-tagged prior to certification and activation, the CBN emphasized.
The central bank clarified that this directive corresponds with its SWIFT global migration timelines as outlined in circulars released on July 17 and September 23, 2020.
