ABUJA — The Central Bank of Nigeria has extended the deadline for compliance with its Point of Sale geo-fencing policy after operators and industry stakeholders requested more time to implement the new technical requirements. Vanguard confirmed the extension on Monday.
The geo-fencing policy requires PoS operators to restrict transactions to their registered location. It is designed to reduce fraud, prevent the use of PoS terminals for money laundering, and improve transaction accountability. However, implementing the technical controls required has proven more complex and time-consuming than the original deadline allowed.
The Nigeria Inter-Bank Settlement System, which manages much of the PoS infrastructure, said the extension gives operators adequate time to upgrade their systems without disrupting services to customers. It said the policy will ultimately benefit consumers by making PoS transactions more secure.
Fintech Industry Response
Fintech companies and PoS aggregators welcomed the extension. Several said the original deadline was technically impossible for smaller operators who lack dedicated IT teams. They said the extended timeline gives them space to properly implement geo-fencing controls without creating system failures that would leave customers unable to make payments.
Consumer protection advocates said geo-fencing will help address a specific fraud pattern in which stolen PoS terminals are used far from their registered locations. They said the policy is sound in principle and urged the CBN to ensure that the extended deadline is final and not subject to further postponement.
The CBN said the new compliance deadline will be communicated formally to all affected parties within 48 hours of the extension announcement. Operators that meet the deadline will face no penalty. Those that do not comply after the extended deadline will face regulatory sanctions.
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