CBN Orders Nigerian Banks, Payment Operators to Migrate to ISO 20022, Mandates Geo-Tagging of Terminals by Oct 2025

The Central Bank of Nigeria (CBN) has issued a sweeping directive compelling all financial institutions and payment operators in the country to complete migration to the ISO 20022 global messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025. In a circular dated August 25 and signed by Dr. Rakiya O. Yusuf,

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