Nigeria, Aug. 27 -- The Central Bank of Nigeria has ordered banks, fintech companies and other licensed payment operators to install GPS tracking on all Point of Sale (PoS) terminals, in a bid to tighten oversight of electronic transactions.
The directive was contained in a circular signed by Rakiya Yusuf, director of the payments system supervision department, dated 25 August.
The CBN said all PoS devices must have "native geo-location services enabled, with Double-Frequency GPS receivers for reliable geo-location service."
Operators are required to register each terminal with a payment terminal service aggregator and provide accurate coordinates of the merchant or agent's business location.
The new rules mean every PoS machine must ...
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