The Central Bank of Nigeria (CBN) has issued a fresh directive mandating all participants in the country’s payment ecosystem to complete migration to the ISO 20022 messaging standard and implement mandatory geo-tagging of payment terminals by October 31, 2025.

In a circular published on its official website on Tuesday, the apex bank 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 global benchmark for payments messaging.

The circular was signed by Dr Rakiya O. Yusuf, Director of the Payments System Supervision Department at the CBN and dated August 25, 2025.

According to the document, the move aligns with SWIFT’s global migration timeline and is intended to standardise quality data across Nigeria’s financial system.

“All payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications,” the circular noted.

Institutions are also required to ensure accurate population of mandatory data elements, including payer and payee identifiers, merchant and agent identifiers, and transaction metadata.

The CBN stressed that compliance with these requirements is not optional, warning that all in-scope institutions must complete migration activities and achieve full compliance before the October 31 deadline.

Beyond messaging standards, the circular also introduces mandatory geo-tagging of payment terminals to enhance oversight and curb fraud in the electronic payments space.

All existing and newly deployed payment terminals are required to have native geolocation services enabled, supported by double-frequency GPS receivers. Terminals must also be registered with a Payment Terminal Service Aggregator (PTSA) with precise latitude and longitude coordinates tied to merchant business locations.

Also, the CBN mandated that Android OS version 10 is now the minimum software requirement for all terminals to ensure compatibility with the National Central Switch’s geolocation monitoring system.

Terminals not directly routed through a PTSA will not be permitted to transact, while geo-location data is to be captured at the point of transaction and included in the message payload as a mandatory reporting field.

“All existing terminals must be geo-tagged within 60 days of this circular; new terminals going forward must be geo-tagged before certification and activation,” the CBN stated.

Also, the regulator announced that compliance validation exercises will commence from October 20, 2025.

The circular emphasised that these reforms are aimed at strengthening Nigeria’s payments infrastructure, boosting transparency, and aligning with international best practices.

As children are now growing up in a world where money is mostly digital, cybersecurity has become a fundamental part of financial literacy. Unlike previous generations, their first experiences with money are not only piggy banks, but in-app purchases, gaming loot boxes, and prepaid cards connected to digital wallets.

In Kaspersky’s global “Digital Schoolbag: A Parent’s Guide for the School Year” outline, our experts share insights on how to teach kids to manage money responsibly and securely in the digital world.

The international back-to-school season is not only about new books and uniforms, it’s also a crucial time to build healthy habits that will stay with children for life and help to avoid many problems.

And real problems are not rare: 25% of parents who participated in the “Growing Up Online” survey admitted that they lost money because of their children’s online behaviour, while 16% of respondents stated that their child’s device was infected with a virus.

If children aren’t aware of online risks, even strong financial literacy won’t protect them from phishing disguised as giveaways, fake in-game deals, sneaky subscription renewals, or identity theft.

By integrating financial education with digital protection, parents can prepare their children not only to manage money smartly, but also to defend themselves against the cyberthreats that come with it.

Here’s what Kaspersky experts recommend parents teach their children about managing their money responsibly and securely:

1. Set clear spending limits

Helping children understand boundaries is the first step in building both financial discipline and digital awareness. Start by establishing a basic budget structure for your child’s typical expenses:

– School supplies.

– Food or lunch money.

– Sports or hobby-related purchases.

– Entertainment (apps, games, subscriptions).

Rather than micromanaging every purchase, talk about percentages. For example: “70% is for school-related spending, 20% for entertainment and 10% for saving.” Use this opportunity to introduce digital money literacy: explain how in-app purchases, microtransactions, or hidden fees can drain their balance if they’re not careful.

2. Use secure payment methods

While giving children cash may seem simple, it comes with obvious downsides, it can be lost, stolen, or spent without any trace. A safer and more educational alternative is to introduce child-friendly bank cards or digital wallets that come with built-in parental controls.

These tools let you set spending limits, receive instant purchase notifications, track transactions in real time, and even block certain categories like online marketplaces or gaming platforms. This way, children still enjoy the independence of managing their own money, but parents have the reassurance of oversight and can step in if something looks unusual.

Equally important is protecting the digital environment where these payments take place. Banking apps and online stores can become targets for cybercriminals, so installing a cybersecurity solution that includes safe browsing and secure payment protection is essential.

3. Secure devices and financial accounts

Children may not fully understand the importance of account security, but one weak password or stolen device can expose all their financial tools.

As a parent, you can help by:

–  Enabling two-factor authentication (2FA) for every app that might be used for online purchases.

– Using a password manager, which stores credentials securely and allows family access if something goes wrong.

– Teaching the basics of strong passwords: including at least 12 characters, avoiding names or birthdays and not reusing them across platforms.

By turning these habits into everyday practice, you give your child the tools to keep their finances and their personal data safe.

4. Keep track of subscriptions and recurring charges

One of the easiest ways for children to lose track of their spending is through subscriptions. Today, many games, learning tools, and streaming services use recurring payment models instead of one-time purchases.

A child may sign up for a “free trial” without realising it will automatically convert into a monthly charge once the trial period ends. Because these fees are small and recurring, they often go unnoticed until the balance is drained or a parent checks the account.

Teach your child to:

. Always ask before starting a free trial.

. Look for “auto-renew” settings and learn how to cancel them.

  . Set calendar reminders for trial end dates.

On the parental side, review the app store purchase history regularly and scan your email inbox for renewal notifications that might otherwise slip through. Many banking apps and security tools can also flag recurring charges or send real-time alerts for every transaction, making it easier to stay on top of spending.

By turning subscription management into a shared responsibility, you help your child understand that “invisible” charges are still real expenses that require attention.

“When we talk about financial literacy for children, we can’t stop at teaching them how to budget or save. Their money is already digital, which means their first financial decisions happen online: in games, apps, and digital wallets.

Without cybersecurity awareness, those lessons remain incomplete. Helping kids recognise scams, protect their accounts, and use secure payment tools is just as important as teaching them the value of money itself,” says Andrey Sidenko, Lead web content analyst at Kaspersky.

Nigerian Insurance Industry Reform Act (NIIRA) 2025, the new insurance law, has provided up to N2 million in medical compensation for  victims of road accidents involving uninsured vehicles.

This law aims to ensure that accident victims are not left without financial support for their medical treatment simply because the at-fault vehicle was uninsured.

It provides a safety net to protect innocent victims and ease their burden during recovery.

According to NIIRA 2025, any person involved in a motor accident caused by an uninsured vehicle or unidentified driver will henceforth be entitled to hospital expenses that shall not exceed N2 million.

Section 99 of the Act stated that the amount may be reviewed by the National Insurance Commission (NAICOM).

It said a fund known as the Road Accident Victims Compensation Fund was established, and insurers are to pay 0.5 per cent of the underwriting profit on motor business to the fund’s pool.

The Act established the Road Safety and Accident Victims Compensation Committee (RSAVCC) which would be responsible for overseeing the management of the fund, even as it stresses that, NAICOM shall pay compensation in accordance with its regulations to any person in respect of death or bodily injury following a motor vehicle accident caused by an uninsured vehicle or unidentified driver.

The Act stipulates that expenses reasonably incurred by a hospital known to have treated any person involved in any motor accident by an uninsured vehicle or unidentified driver must be settled from the fund.

The NIIRA 2025 is a transformative new law signed by President Bola Ahmed Tinubu aimed at modernising and strengthening Nigeria’s insurance sector.

It consolidates several outdated insurance laws into a single, modern legal framework designed to drive financial stability, economic development, and inclusive growth in the insurance industry while supporting Nigeria’s goal of becoming a $1 trillion economy.

Key features of the NIIRA 2025 include: Higher capital requirements for insurance companies to ensure their financial soundness, with minimum capital thresholds set based on risk profiles (e.g., non-life insurance operators must have at least N25 billion); Mandatory enforcement of compulsory insurance policies, expanding coverage categories to include sectors like agriculture, public infrastructure, and cyber liability; Digitisation mandates improving access, reducing inefficiencies, and combating insurance fraud through digital value chains from underwriting to claims processing; Strict enforcement of timely claims settlements to enhance consumer protection.

Creation of policyholder protection funds to safeguard customers in cases where insurers become insolvent; More demanding licensing requirements and penalties for acting without proper authorisation in the insurance business as well as Expanded participation in regional insurance schemes, including the ECOWAS Brown Card System, to promote cross-border insurance cooperation.

The Act is designed to boost investor confidence, increase insurance penetration across Nigeria, and position Nigeria as a leading insurance hub within Africa.