The Corporate Affairs Commission (CAC) has issued a strong warning to Point-of-Sale (PoS) operators nationwide, announcing an enforcement campaign targeting businesses operating without proper registration.
In a statement released on Saturday via its Instagram page, the CAC revealed that it had observed a growing number of PoS operators running their businesses without the necessary registration.
This trend, according to the Commission, is a clear violation of the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria’s (CBN) Agent Banking Regulations.
The CAC accused several fintech companies of contributing to the proliferation of unregistered PoS agents by onboarding them, a practice the Commission described as reckless and harmful to Nigeria’s financial system.
The Commission further warned that such unregulated operations put millions of Nigerians, including small business owners and rural communities, at risk of financial and investment dangers.
Deadline Set for Full Compliance
The CAC made it clear that, beginning on 1 January 2026, no PoS operator will be permitted to conduct business in Nigeria unless they have completed full registration with the CAC.
Security agencies, the Commission added, will enforce nationwide compliance, with unregistered PoS terminals set to be seized or shut down by law enforcement.
“Effective 1 January 2026, no PoS operator will be allowed to operate without CAC registration. Security agencies will enforce nationwide compliance. Unregistered PoS terminals will be seized or shut down by security officials,” the CAC stated in part.
It also warned fintech companies enabling illegal operations that they would be placed on the watchlist and reported to the CBN.
The statement further stressed that all PoS operators are expected to regularise their registration immediately. Compliance, the CAC emphasised, is mandatory.
In a related development, The Nation reported that the Chairman of the House of Representatives’ ad hoc committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and PoS Operations in Nigeria, Olufemi Bamisile, raised alarms over the growing fraud associated with PoS activities.
Bamisile’s committee had received multiple reports highlighting issues such as unprofiled agents, cloned terminals, anonymous transactions, and weak Know-Your-Customer (KYC) practices, which he warned could lead to significant financial losses, cybercrime, and security breaches for Nigerians.
The committee’s concerns echo the CAC’s stance that urgent action is needed to safeguard the integrity of the financial system and protect Nigerians from potential risks linked to unregulated PoS operations.
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