The Corporate Affairs Commission of Nigeria has issued a warning to Point-of-Sale operators across the country, announcing a nationwide enforcement campaign against unregistered businesses. According to a statement released on the commission’s Instagram page, there has been a notable increase in the number of PoS operators running without proper registration. This trend is in clear violation of the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria’s Agent Banking Regulations.
The commission has accused some fintech companies of enabling this trend by onboarding unregistered agents, which it describes as reckless and dangerous to Nigeria’s financial system. This practice exposes millions of Nigerians, including small business owners and rural communities, to financial and investment risks. The CAC had previously threatened to clamp down on unregistered PoS operators in 2024, a move that was opposed by the operators.
As of January 1, 2026, all PoS operators will be required to complete full registration with the CAC to conduct business in Nigeria. Security agencies will enforce compliance nationwide, and unregistered PoS terminals will be seized or shut down. Fintech companies found to be enabling illegal operations will be placed on a watchlist and reported to the Central Bank of Nigeria. The commission has advised all operators to regularize their operations immediately, as compliance is mandatory.
This development comes as concerns have been raised over the increasing instances of fraud linked to PoS operations and the infiltration of unlicensed crypto-related activities in the sector. 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 has expressed concern over the risks posed by unprofiled agents, cloned terminals, anonymous transactions, and weak Know-Your-Customer practices. The committee has received multiple reports of such incidents, which put Nigerians at risk of financial loss, cybercrime, and security breaches.
The CAC’s enforcement campaign aims to address these risks and ensure that all PoS operators in Nigeria are registered and compliant with relevant regulations. With the deadline for registration fast approaching, PoS operators are advised to take immediate action to regularize their operations and avoid any potential penalties or disruptions to their business. The commission’s efforts to enforce compliance and regulate the PoS sector are expected to have a significant impact on the country’s financial system and the millions of Nigerians who rely on these services.