All parties involved in Nigeria’s payment ecosystem have been ordered by the Central Bank of Nigeria (CBN) to switch to the ISO 20022 messaging standard and require payment terminals to be geotagged by October 31, 2025.
ISO 20022 is a universal language for financial transmission, according to Daily Trust. It gives banks and payment providers a more precise and transparent way to transmit information by replacing outdated systems with a contemporary, data-rich format.
The apex bank then reminded Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Mobile Money Operators (MMOs), Switching and Processing Companies, Payment Terminal Service Providers (PTSPs), Payment Solution Service Providers (PSSPs), Super Agents, and other licensed operators that ISO 20022 is now the international standard for payments messaging in a circular posted on its official website on Tuesday.
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