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 ...