The Corporate Affairs Commission (CAC) has issued a firm warning to Point-of-Sale (PoS) operators nationwide, announcing a sweeping enforcement campaign targeting businesses that operate without proper registration.
In a statement posted on its Instagram page on Saturday, the commission highlighted a growing trend of PoS operators functioning without registration.
The CAC had previously threatened to clamp down on PoS operators in 2024, a move that faced pushback from operators at the time.
In its latest communication, the commission stressed that the rising number of unregistered PoS operators constitutes a violation of the Companies and Allied Matters Act 2020, as well as the Central Bank of Nigeria’s Agent Banking Regulations.
The commission also criticized some fintech firms for facilitating the problem by onboarding unregistered agents, labeling the practice as “reckless and dangerous to Nigeria’s financial system.” It warned that such activities place millions of Nigerians — including small business owners and rural communities at risk of financial and investment losses.
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The CAC emphasised that from 1 January 2026, no PoS operator will be allowed to conduct business in Nigeria without completing full CAC registration.
“Effective 1 January 2026, no PoS operator will be allowed to operate without CAC registration. Security agencies will enforce nationwide compliance. Unregistered PoS terminals will be seized or shut down by security officials.
“Fintechs enabling illegal operations will be placed on the watchlist and reported to the CBN. All operators are advised to regularise immediately. Compliance is mandatory,” the statement read in part.
Highlighting the risks in the sector, The Nation recently reported that Olufemi Bamisile, Chairman of the House of Representatives ad hoc committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and PoS Operations in Nigeria, raised concerns over growing fraud linked to PoS activities and unlicensed crypto-related operations.
The lawmaker noted that his committee had received multiple reports of “unprofiled agents, cloned terminals, anonymous transactions, and weak Know-Your-Customer practices,” warning that these issues expose Nigerians to significant threats of financial loss, cybercrime, and security breaches.
