The Central Bank of Nigeria (CBN) has given a new extension for the geo-fencing policy on Point of Sale (PoS) machines.

The deadline has now been moved to August 1, giving operators more time to comply with the new rules. This decision comes after requests from stakeholders who needed extra time to adjust their systems.

The geo-fencing policy is designed to stop PoS agents from operating outside their approved locations. It helps the CBN to better monitor transactions and reduce fraud in the cashless economy. Many PoS operators had asked for more time to register their devices and update their locations properly.

Business owners and agents welcomed the extension as it allows them to avoid penalties while getting ready. The CBN wants to make sure the system works smoothly before full enforcement begins. This move is expected to bring more order to the PoS business across the country.

The policy forms part of wider efforts to strengthen the digital payment system in Nigeria. By controlling where PoS machines can work, the apex bank aims to protect customers and improve transparency in financial transactions. Many Nigerians rely on PoS services for daily cash withdrawals and payments.

With the new August 1 deadline, PoS operators are advised to use the extra time to comply fully. The Central Bank of Nigeria has promised to continue supporting a reliable and secure payment environment for everyone. This extension shows the bank’s willingness to listen to feedback from the public.