Dare Babalola
The Corporate Affairs Commission (CAC) is set to crack down on unregistered point of sale (PoS) operators starting January 1, 2026, as part of efforts to regulate the sector.
In a statement issued on Saturday, the Corporate Affairs Commission (CAC) labelled the rise of unregistered PoS terminals a “reckless practice,” citing violations of the Companies and Allied Matters Act (CAMA) 2020 and Central Bank of Nigeria (CBN) agent banking rules.
“This reckless practice often enabled by some fintech companies puts Nigeria’s financial system and citizens’ investments at risk. This must stop,” the CAC said.
According to the statement, no PoS operator will be allowed to operate without registration with the CAC, as security agencies are expected to enforce nationwide compliance.
“Unregistered PoS terminals will be seized or shut down by security officials,” the commission added.
“Fintechs enabling illegal operations will be placed on watchlist and reported to the CBN.”
The CAC advised operators to begin registration immediately, stressing that compliance is mandatory.
The Corporate Affairs Commission (CAC) has been pushing to formalise agent banking operations in Nigeria since 2024, after setting a registration deadline for financial technology companies (fintechs) and their merchants.
The next day, the agency inaugurated a centre for the “bulk registration” of POS operators — but later extended the registration deadline after the POS agents threatened to sue the commission over mandatory registration requirements.
However, despite the extension, the CAC, on September 6, 2024, reported that “a significant number of operators failed to register their businesses” after the expiration of the deadline.
The commission said those who refused to comply with the directive would face the law and could be shut down.
