Condia Insider: Who pays the price for Nigeria’s PoS crackdown?
- The Central Bank of Nigeria announced that every PoS terminal must be geo-tagged to combat fraud.
- The new rule requires all terminals to run on Android 10 or higher and capture their exact location during transactions.
- By March 2025, Nigeria had approximately 8.36 million registered PoS terminals, with transaction values hitting $7.4 billion in Q1 2025.
While the geo-tagging initiative by the CBN is a step towards enhancing security in financial transactions, it risks alienating smaller PoS operators who may not afford the necessary upgrades. A more phased and supportive approach could help balance security needs with the operational realities of these agents, ensuring financial inclusion is not compromised.
