The Corporate Affairs Commission (CAC) of Nigeria has warned point‑of‑sale (PoS) operators nationwide of an upcoming enforcement campaign against unregistered businesses. In a statement posted on the commission’s Instagram page, the CAC noted a sharp rise in PoS operators working without proper registration, a clear breach of the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria’s Agent Banking Regulations. The commission also accused certain fintech firms of facilitating this trend by onboarding unregistered agents, calling the practice reckless and dangerous to the country’s financial system. Such unregulated activity 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 met resistance from the operators. Effective January 1, 2026, all PoS operators must complete full registration with the CAC to conduct business in Nigeria. Security agencies will enforce compliance nationwide, and any unregistered PoS terminals will be seized or shut down. Fintech companies found enabling illegal operations will be placed on a watchlist and reported to the Central Bank of Nigeria. The commission urges all operators to regularize their activities immediately, as compliance is mandatory.
This development follows growing concerns over 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 highlighted 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 threaten Nigerians with financial loss, cybercrime, and security breaches.
The CAC’s enforcement campaign aims to mitigate these risks and ensure that all PoS operators in Nigeria are registered and compliant with relevant regulations. With the registration deadline fast approaching, operators are advised to act promptly to regularize their businesses and avoid potential penalties or service disruptions. The commission’s push for compliance is expected to have a significant impact on the country’s financial system and the millions of Nigerians who rely on PoS services.
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