Central Bank of Nigeria (CBN) has mandated all participants in Nigeria’s payment ecosystem, including banks, mobile money operators, and payment service providers, to migrate to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025.
The directive, outlined in a circular dated August 25, 2025, aligns with SWIFT’s global timeline to standardize financial data and enhance transparency.
All payment transactions must comply with ISO 20022 formatting, including mandatory data elements like payer, payee, and transaction metadata. Compliance validation begins October 20, 2025, with no exceptions.
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