The CBN also directed payment companies to adopt a new global standard for transaction messages, known as ISO 20022, by 31 October.
The Central Bank of Nigeria has ordered banks, fintech companies and other licensed payment operators to install GPS tracking on all Point of Sale (PoS) terminals, in a bid to tighten oversight of electronic transactions.
The directive was contained in a circular signed by Rakiya Yusuf, director of the payments system supervision department, dated 25 August.
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