The Central Bank of Nigeria has set a new deadline for all banking and financial institutions in the country to adopt the ISO 20022 messaging standard and implement geo-tagging of payment terminals. In a recent circular, the bank instructed Nigerian banks, Mobile Money Operators, Switching and Processing Companies, Payment Terminal Service Providers, and other licensed operators to complete the migration by October 31, 2025.
The directive, issued on August 25, 2025, by the CBN’s Director of the Payments System Supervision Department, Rakiya Yusuf, aims to standardize payment transaction messages domestically and internationally. All payment transactions must be formatted in ISO 20022, in line with CBN and SWIFT specifications. Additionally, existing payment terminals must be geo-tagged within 60 days, while new terminals must be geo-tagged before certification and activation.
This move aligns with the CBN’s global migration timelines, as outlined in circulars issued on July 17 and September 23, 2020. The bank will commence compliance checks on October 20, 2025, to ensure that all operators have met the deadline. The adoption of ISO 20022 is expected to enhance the efficiency and security of payment systems in Nigeria, bringing the country in line with international best practices.
The ISO 20022 messaging standard is a global standard for exchanging payment messages, providing a common language and format for payment transactions. Geo-tagging of payment terminals will enable the CBN to track and monitor transactions more effectively, reducing the risk of fraud and enhancing financial inclusion. The migration to ISO 20022 is a significant step towards modernizing Nigeria’s payment systems, and the CBN’s deadline is expected to drive the adoption of this standard across the financial sector.
The CBN’s directive is part of a broader effort to strengthen the country’s payment infrastructure and promote financial stability. As the deadline approaches, banks and financial institutions in Nigeria are expected to work towards completing the migration, ensuring that their systems are compatible with the new standard. With the compliance checks scheduled to begin in October, operators must prioritize the implementation of ISO 20022 and geo-tagging of payment terminals to avoid any disruptions to their services.
