The Corporate Affairs Commission (CAC) of Nigeria has announced a crackdown on unregistered Point of Sale (POS) operators, effective January 1, 2026. The move aims to curb the rising number of POS operators violating the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s (CBN) Agent Banking Regulations.
According to the CAC, many POS operators are running their businesses without proper registration, posing a risk to Nigeria’s financial system and citizens’ investments. The commission has warned that all POS operators must register with the CAC to avoid shutdowns and seizures of their equipment. Security agencies will be responsible for enforcing compliance nationwide.
The CAC’s statement highlighted the importance of registration, citing the need to protect the financial system and investors. The commission also noted that some fintech companies have been enabling these illegal operations, putting the entire system at risk. As a result, these companies will be placed on a watchlist and reported to the CBN.
The CAC’s crackdown is part of a broader effort to regulate the Nigerian financial sector and ensure compliance with relevant laws and regulations. The commission has advised all POS operators to regularize their operations immediately, stressing that compliance is mandatory. Unregistered POS terminals will be seized or shut down, and operators who fail to comply will face severe consequences.
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 financial system. By enforcing these regulations, the CAC and CBN hope to prevent fraudulent activities, protect consumers, and maintain the integrity of the financial sector.
The CAC’s announcement serves as a warning to all unregistered POS operators in Nigeria, emphasizing the need for compliance with relevant laws and regulations. As the commission prepares to enforce the crackdown, POS operators are advised to take immediate action to regularize their operations and avoid any potential penalties. The move is expected to have a significant impact on the Nigerian financial sector, promoting a more regulated and secure environment for investors and consumers alike.