The Corporate Affairs Commission (CAC) of Nigeria has announced a crackdown on unregistered Point of Sale (POS) operators, effective January 1, 2026. The initiative seeks to curb the growing number of operators who violate 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 conducting business without proper registration, exposing Nigeria’s financial system and citizens’ investments to risk.
The commission warned that all POS operators must register with the CAC to avoid shutdowns and the seizure of their equipment. Security agencies will enforce compliance nationwide. In its statement, the CAC emphasized that registration is essential to protect the financial system and investors, noting that some fintech companies have been facilitating these illegal operations. Those fintech firms will be placed on a watchlist and reported to the CBN.
The crackdown forms part of a broader effort to regulate Nigeria’s financial sector and ensure adherence to relevant laws and regulations. The CAC advises 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.
Under the CBN’s Agent Banking Regulations, all agents—including POS operators—must register with the CAC and obtain the necessary licenses to operate. These regulations aim to promote financial inclusion, stability, and security within the country’s financial system. By enforcing them, 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 clear warning to unregistered POS operators in Nigeria, underscoring the need for compliance with applicable laws and regulations. As the commission prepares to enforce the crackdown, operators are urged to take immediate action to regularize their operations and avoid potential penalties. The move is expected to have a significant impact on the Nigerian financial sector, fostering a more regulated and secure environment for both investors and consumers.
Comments are closed for this story.