The Corporate Affairs Commission (CAC) has announced a nationwide enforcement exercise to ensure that all Point of Sale (POS) operators register their businesses before Jan. 1, 2026.
The Commission, in a public notice issued on Saturday, said the growing number of unregistered POS agents violates the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) Agent Banking Regulations.
It warned that the trend, allegedly aided by some fintech companies, poses risks to the country’s financial system and endangers citizens’ funds.
“The CAC has observed the rising number of PoS operators running without registration, violating CAMA 2020 and 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 notice said.
The Commission said enforcement would begin on Jan. 1 and outlined measures that include:disallowing any POS operator from functioning without CAC Registration;deployment of security agencies nationwide to ensure compliance;
Seizure or shutdown of unregistered POS terminals; andwatchlisting fintech firms aiding unregistered operators, with reports forwarded to the CBN.
The CAC urged operators to commence immediate registration, stressing that compliance is mandatory.
The enforcement move comes amid increased dependence on POS agents for cash withdrawals and other financial services, especially in communities with limited access to banking halls.