The Corporate Affairs Commission (CAC) has directed all Point-of-Sale operators (PoS) across the country to complete their registration before 1 January 2026, warning that unregistered operators will be barred from conducting business thereafter.
In a public notice on Saturday, the Commission said it had observed a surge in unregistered PoS operators across the country.
The Commission stressed that operating an unregistered PoS business violates the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria's Agent Banking Regulations.
The CAC also faulted some fintech firms for onboarding unregistered agents, describing the practice as reckless and harmful to the stability of Nigeria's financial system.
It warned that the trend exposes millions of Nigerians, including small business owners and rural users, to economic and investment risks.
"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
"Beginning from 1st January 2026, no PoS operator will be allowed to conduct business in Nigeria without completing full registration," the CAC said
Daily Trust reports that this is not the first time the call regarding enforced regulatory monitoring of the PoS has been made.
There have been several calls on the Central Bank of Nigeria (CBN) to take urgent steps toward curbing worsening cases of fraud affecting PoS businesses across the nation.
[DailyTrust]
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