The Corporate Affairs Commission (CAC) has announced plans to clamp down on unregistered point of sale (PoS) operators from January 1, 2026.
In a statement on Saturday, the commission described the surge in unregistered terminals as a “reckless practice” that violates the provisions of the Companies and Allied Matters Act (CAMA) of 2020 and the Central Bank of Nigeria (CBN) agent banking regulations.
“This reckless practice often enabled by some fintech companies puts Nigeria’s financial system and citizens’ investments at risk. This must stop,” the CAC said.
According to the statement, no PoS operator will be allowed to operate without registration with the CAC, as security agencies are expected to enforce nationwide compliance.
“Unregistered PoS terminals will be seized or shut down by security officials,” the commission added.
“Fintechs enabling illegal operations will be placed on watchlist and reported to the CBN.”
The CAC advised operators to begin registration immediately, stressing that compliance is mandatory.
The commission has been working to formalise the operations of agent bankers in the country since 2024, when it set a deadline for financial technology companies (fintechs) to register their merchants.
The next day, the agency inaugurated a centre for the “bulk registration” of POS operators — but later extended the registration deadline after the POS agents threatened to sue the commission over mandatory registration requirements.
However, despite the extension, the CAC, on September 6, 2024, reported that “a significant number of operators failed to register their businesses” after the expiration of the deadline.
The commission said those who refused to comply with the directive would face the law and could be shut down.
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