Nigeria mandates POS geotagging, placing a 60-day test on fintechs
- Nigeria's Central Bank ordered PoS operators to geo-tag over 4.2 million terminals within 60 days.
- The directive targets licensed providers including Moniepoint, OPay, and PalmPay.
- PoS terminals must be registered with GPS coordinates tied to the merchant's physical address.
The Central Bank's initiative to geo-tag PoS terminals is a crucial step towards enhancing the integrity of Nigeria's financial system. While it may pose challenges for informal operators, the long-term benefits of increased transparency and trust in digital payments could significantly outweigh the short-term disruptions. This move could also pave the way for more robust regulatory frameworks in the fintech sector.
