CAC moves against illegal PoS operators, sets Jan. 1 compliance deadline
The Corporate Affairs Commission (CAC) has announced a nationwide enforcement exercise to end the operations of unregistered Point-of-Sale (PoS) agents across the country.
The CAC in a statement signed by its management, directed all operators to regularise their businesses before Jan. 1, 2026.
The commission said the directive became necessary following the rising number of PoS operators conducting business without registration.
According to the statement, this is in violation of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) Agent Banking Regulations.
The CAC described the trend as a reckless practice often enabled by some fintech companies, warning that it posed significant risks to the country’s financial system and the investments of citizens.
It said that beginning Jan. 1, 2026, no PoS operator would be allowed to operate without CAC registration, adding that security agencies had been mandated to enforce full compliance nationwide.
“Unregistered PoS terminals will be seized or shut down by Security Officials. Fintechs enabling illegal operations will be placed on watchlist and reported to the CBN.
“All operators are advised to regularise immediately and compliance is mandatory,” the statement said.
The commission reaffirmed its commitment to ensuring orderliness within the sector.
It said the directive aligned with broader efforts to sanitise the financial services space and strengthen regulatory compliance for the protection of users and investors.
It added that the enforcement drive underscored its resolve to promote transparency, safeguard the economy, and deliver prompt and efficient services in line with its mandate. (NAN)
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