The Corporate Affairs Commission(CAC) has issued a strong warning to Point-of-Sale(pos) operators across the country, announcing a nationwide enforcement campaign against businesses operating without proper registration.
The Commission claimed to have noticed a rise in the number of PoS operators operating without registration in a statement posted on its Instagram page on Saturday.
According to reports, the CAC had previously threatened to impose restrictions on PoS operators’ operations in 2024, a move that the operators rejected.
This follows a new CBN regulation that set daily withdrawals from automated teller machines (ATMs) at N100,000, with a weekly total withdrawal of N500,000, in a circular announcing the policy change on Tuesday.
The Central Bank of Nigeria’s Agent Banking Regulations and the Companies and Allied Matters Act 2020 are both blatantly violated by the growing number of unregistered PoS businesses, according to the CAC’s most recent statement.
By onboarding unregistered agents, the CAC accused certain fintech companies of facilitating this tendency, which it deemed careless and hazardous to Nigeria’s financial system. It cautioned that millions of Nigerians are exposed to financial and investment dangers as a result of these activities, particularly small business owners and rural areas.
According to the commission, PoS operators would not be permitted to conduct business in Nigeria starting on January 1, 2026, unless they have completed 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.
Olufemi Bamisile, 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, recently expressed concern about the growing fraud associated with PoS operations and the infiltration of unlicensed crypto-related activities in the industry, according to The Nation.
The senator cautioned that Nigerians are seriously at risk of financial loss, cybercrime, and security breaches since his committee has received several allegations of unprofiled agents, cloned terminals, anonymous transactions, and lax Know-Your-Customer procedures.
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
