CBN has mandated Nigerian banks and payment operators to adopt ISO 20022 messaging by October 31 with strict compliance checks and new geolocation rules for payment terminals.
The Central Bank of Nigeria (CBN) has directed all banks, microfinance banks, mobile money operators, and licensed payment service providers to fully migrate to the ISO 20022 standard for payment messaging by October 31.
In a circular signed by Rakiya Yusuf, director of the payments system supervision department, the apex bank said ISO 20022 is now the global benchmark for financial messaging in line with SWIFT’s migration timeline. Compliance checks will begin on October 20.
“All payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications,” the circular stated.
The CBN further mandated geolocation requirements for all payment terminals, insisting that devices must be geo-tagged, certified by the National Central Switch, and run on Android 10 or higher. It explained the measures will “enhance transaction integrity, curb fraud, and ensure standardised data quality” across Nigeria’s payments ecosystem.