The Corporate Affairs Commission (CAC) has issued a stern notice to fintech companies operating in Nigeria: any platform found supporting unregistered Point of Sale (PoS) agents will be blacklisted. The regulator’s warning, which comes amid escalating concerns over illegal PoS operations, sets the stage for sweeping enforcement beginning early next year. The directive arrived following what CAC described as a sharp uptick in PoS terminals operating outside regulatory oversight.
CAC’s December 6, 2025 statement emphasised that the proliferation of unregistered PoS operators violates the provisions of the Companies and Allied Matters Act 2020 (CAMA) and the Central Bank of Nigeria (CBN) agent-banking regulations. According to the Commission, allowing such operations undermines the integrity of Nigeria’s financial system and exposes consumers to potential fraud and financial loss. The Commission labelled the trend “reckless,” arguing that fintech firms enabling these PoS agents risk facilitating illicit activity.
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What the New Directive Means, and Who It Targets
Starting 1 January 2026, no PoS operator will be permitted to carry out transactions unless they are properly registered with CAC. The regulatory crackdown includes:
- Nationwide enforcement by security agencies to shut down unregistered PoS terminals.
- Confiscation or seizure of any terminal found operating without a valid registration.
- Placement of fintech firms that facilitate or enable these unregistered operators on a watchlist, with the possibility of being reported to the CBN for further sanctions.
The CAC has urged all PoS agents and their associated fintech platforms to complete registration immediately, calling compliance mandatory. The message is clear: the grace period is over.
Regulatory Backdrop and The Path That Led Here
This is not the first time CAC has attempted to regularise PoS operations. In May 2024, the Commission required all PoS agents working with major fintech platforms — including names like OPay, PalmPay and Moniepoint- to register formally by July 7 of that year.
Because many agents failed to meet that deadline, CAC later extended it by 60 days, shifting the cut-off to September 5, 2024.
Despite the extension, compliance remained poor. CAC cited rising numbers of unregistered terminals and flagged the trend as a major risk to consumers and the broader financial system.
As a result, the Commission says they are now deploying enforcement measures to ensure compliance.
What This Means for Fintechs, PoS Operators and Consumers
The implications of CAC’s directive are broad and significant.
- For fintech firms: Those that have been onboarding or enabling PoS operators without verifying formal CAC registration now face the risk of being blacklisted — potentially cutting them off from regulatory acceptance and central banking services.
- For PoS agents: Agents who operate without CAC registration will no longer be able to carry out business legally. From January 2026, terminals will be subject to seizure. Agents are strongly urged to register immediately or pause operations.
- For consumers and the financial system: In the short term, this could lead to reduced access to PoS services — especially in rural or informal areas where many unregistered agents operate. But in the long run, formalising the ecosystem could help curb fraud, money laundering and irregular transactions, thereby protecting customers and bolstering confidence in agent-banking services.
The crackdown also comes against a backdrop of broader regulatory pressure on the fintech-PoS ecosystem. Previous policy changes by the CBN, including stricter rules on exclusivity and geo-tagging of terminals, had already raised tensions in the industry.
The clock is ticking for fintechs and PoS operators yet to regularise with the CAC. As the enforcement date draws near, stakeholders must act quickly to comply; failure to do so could result in shutdowns, fines and lasting reputational damage.
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