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The CBN has further extended the compliance date for geo-fencing in the PoS businessThe acceptable PoS operational radius has also been extended from 10 metres to 70 metresThe apex bank said the policy is to enhance transaction traceability and control fraud in the payments space
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The Central Bank of Nigeria (CBN) has granted banks and payment service providers more time to implement mandatory geo-fencing of Points-of-Sale (PoS) terminals, extending the compliance deadline to August 1, 2026.
CBN widens PoS geo-fence radius by 600% to ease implementation. Photo: AFPSource: Getty Images
In a circular signed by Rakiya Mohammed, the Director of the Payments System Supervision Department, the apex bank revealed that, following discussions with the industry over operational issues arising from the rollout of the policy, the permitted geo-fence radius
