The Central Bank of Nigeria (CBN) has announced a new deadline for all Nigerian banks, Mobile Money Operators (MMOs), and other licensed operators to migrate to the ISO 20022 messaging standard and implement geo-tagging of payment terminals. According to a circular dated August 25, 2025, and signed by the CBN’s Director of the Payments System Supervision Department, Rakiya Yusuf, the migration deadline is October 31, 2025.
The CBN will commence compliance checks on October 20, 2025, to ensure that all payment service providers adhere to the new directive. “All payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications,” the CBN stated
The apex bank also directed that all existing payment terminals must be geo-tagged within 60 days of the circular, while new terminals must be geo-tagged before certification and activation. “All existing terminals must be geo-tagged within 60 days of this circular; new terminals going forward must be geo-tagged before certification and activation,” the CBN added.
The CBN explained that the directive aligns with its SWIFT global migration timelines circulars issued on July 17 and September 23, 2020. The migration to the ISO 20022 messaging standard is expected to enhance the efficiency and security of payment transactions in Nigeria
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