Corporate Affairs Commission (CAC) has announced that all unregistered Point-of-Sale (PoS) operators across Nigeria will be shut down effective Jan. 1, 2026.
PoS
In a statement issued on Saturday, the Commission described the proliferation of unregistered PoS terminals as a “reckless practice” that violates the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) agent banking regulations.
According to the CAC, security agencies will enforce compliance nationwide, while unregistered PoS terminals will be seized or shut down.
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The Commission further disclosed that financial technology (fintech) firms enabling illegal transactions are now under strict surveillance, with violators to be placed on a watchlist and reported to the CBN.
“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 statement read.
It advised all operators to begin the registration process immediately, stressing that compliance is compulsory.
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The Commission warned that the proliferation of unregistered PoS operators exposes Nigeria’s financial system and citizens’ funds to significant risks, adding that the new directive is aimed at safeguarding financial integrity and consumer protection.
Ravenewsonline reports that the CAC concluded its statement with a firm reminder: “Compliance is mandatory.”
