2025-08-26 | PSS/DIR/PUB/CIR/001/001

Migration to ISO 20022 Standard for Payment Messaging and Mandatory Geo-Tagging of Payment Terminals

The Central Bank of Nigeria (CBN) has issued a circular reminding all licensed operators in the Nigerian payments ecosystem about the migration to the ISO 20022 standard for payment messaging and the mandatory geo-tagging of payment terminals. This directive aims to ensure standardized quality data for payments and settlement. All payment transaction messages must be formatted in ISO 20022, and institutions must ensure complete and accurate data population, including geo-location data captured at transaction initiation. Compliance validation exercises will commence from October 20, 2025, urging all in-scope institutions to complete migration activities by October 31, 2025.

Nigeria

Central Bank of Nigeria

Show thumbnail