Corporate Affairs Commission (CAC) will begin strict enforcement against point of sale (PoS) operators who fail to register their businesses, beginning January 1, 2026.
Gatekeepers News reports that in a statement issued on Saturday, the commission condemned the rising number of unregistered PoS terminals, calling it a reckless practice that breaches both the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) agent banking guidelines.
According to the commission, this reckless practice often enabled by some fintech companies puts Nigeria’s financial system and citizens’ investments at risk. This must stop.
CAC said no PoS service will be permitted after the January deadline without proper registration, adding that security agencies will enforce compliance across the country.
It noted that unregistered PoS terminals will be seized or shut down by security officials, and warned that fintech companies enabling such activities would be placed on a watchlist and reported to the CBN.
The agency urged operators to begin registration immediately, explaining that the requirement is compulsory. Its efforts to regulate PoS and agent banking operations began in 2024, when fintech companies were directed to register their merchants.
Shortly after, the commission opened a dedicated centre to fast-track the bulk registration of operators, though the deadline was later pushed forward following threats of legal action from PoS associations.
Despite the extension, the CAC announced on September 6, 2024, that a significant number of operators failed to register their businesses before the deadline expired. The commission said those who continue to ignore the directive will be sanctioned and risk shutdown.
