Bolaji Idowu
The Corporate Affairs Commission (CAC) has issued a stern warning to Point-of-Sale (PoS) operators nationwide, announcing a fresh enforcement campaign against businesses operating without proper registration.
In a statement issued on Saturday, the Commission said it had observed a significant increase in the number of PoS operators running without registration, in violation of existing laws.
The CAC recalled that it had earlier threatened a clampdown on PoS operations in 2024, a move that was resisted by operators. However, the Commission said the continued rise in unregistered operators now poses serious risks to Nigeria’s financial system.
According to the statement, the activities of unregistered agents contravene provisions of the Companies and Allied Matters Act (CAMA) 2020 as well as the Central Bank of Nigeria’s Agent Banking Regulations.
The Commission also accused some fintech companies of enabling the trend by onboarding unregistered agents, describing the practice as reckless and dangerous. It warned that such actions expose millions of Nigerians, particularly small business owners and rural communities, to financial and investment risks.
The CAC announced that from 1 January 2026, no PoS operator will be allowed to conduct business in Nigeria without completing full registration with the Commission.
“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.
Meanwhile, 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, recently raised concerns over rising fraud linked to PoS operations and the infiltration of unlicensed crypto-related activities in the sector.
He said the committee had received multiple reports of unprofiled agents, cloned terminals, anonymous transactions and weak Know-Your-Customer practices, warning that the trend exposes Nigerians to serious risks of financial loss, cybercrime and security breaches.