The Nigerian government has announced that all Point of Sale (POS) operators in the country must register with the Corporate Affairs Commission (CAC) by January 1, 2026, or face immediate shutdown. This directive, issued through the CAC, aims to ensure compliance with the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s (CBN) Agent Banking Regulations.
According to the CAC, the move is in response to a growing number of unregistered POS operators, often enabled by some fintech companies, which poses a risk to the country’s financial system and citizens’ investments. The commission has warned that security agencies will seize unregistered POS terminals and shut down non-compliant operators nationwide.
The CAC has observed that many POS operators are violating regulations by operating without registration, which compromises the integrity of the financial system. To address this issue, the commission will work with security agencies to enforce compliance and protect citizens’ investments. Fintech companies found to be enabling illegal operations will be placed on a watchlist and reported to the CBN.
The registration requirement applies to all POS operators, and compliance is mandatory. The CAC has advised all operators to regularize their operations immediately to avoid disruptions. The commission’s move is part of efforts to strengthen the country’s financial regulatory framework and prevent illicit activities.
The CBN’s Agent Banking Regulations require all agents, including POS operators, to register with the CAC and obtain the necessary licenses to operate. The regulations aim to promote financial inclusion, stability, and security in the country’s payment system. By enforcing compliance, the government seeks to protect consumers and ensure the integrity of the financial system.
The deadline for registration is January 1, 2026, and POS operators are advised to take necessary steps to comply with the regulations to avoid penalties. The CAC’s directive is a significant step towards enhancing the country’s financial regulatory framework and promoting a secure and stable payment system.