CAC threatens fresh clampdown on unregistered PoS operators

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The Corporate Affairs Commission has issued a stern warning to Point-of-Sale operators across the country, announcing a nationwide enforcement campaign against businesses operating without proper registration.

In a statement issued on Saturday on its Instagram page, the Commission said it had observed an increase in the number of PoS operators running without registration.

PUNCH Online reports that the CAC had earlier threatened a clampdown on the activities of PoS operators in 2024, a move the operators opposed.

In its latest statement, the CAC said the rising number of unregistered PoS operators was a clear violation of the Companies and Allied Matters Act 2020, as well as the Central Bank of Nigeria’s Agent Banking Regulations.

The CAC accused some fintech companies of enabling this trend by onboarding unregistered agents, a practice it described as reckless and dangerous to Nigeria’s financial system. It warned that such activities expose millions of Nigerians — including small business owners and rural communities — to financial and investment risks.

The commission stated that beginning 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.

Recently, The Nation reported that the Chairman of the House of Representatives ad hoc committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and PoS Operations in Nigeria, Olufemi Bamisile, expressed concern over the increasing fraud linked to PoS operations and the infiltration of unlicensed crypto-related activities in the sector.

The lawmaker said his committee had received multiple reports of unprofiled agents, cloned terminals, anonymous transactions, and weak Know-Your-Customer practices, which he warned are putting Nigerians at serious risk of financial loss, cybercrime, and security breaches.

Oluwakemi is a Senior Correspondent with The PUNCH. She has over 10 years experience across digital and traditional journalism spheres, and currently covers the Capital Market.

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