CAC to Crack Down on Illegal PoS Operations from January 2026

The Corporate Affairs Commission (CAC) has threatened to blacklist fintech firms that facilitate unregistered Point of Sale (PoS) operations in Nigeria, according to a statement released on Saturday.

The warning follows nearly a year of efforts by the Commission to enforce registration of PoS businesses, including potential closure of operators who failed to comply with the September 5 deadline.

The CAC highlighted a growing number of PoS operators allegedly functioning without proper registration, in breach of the Companies and Allied Matters Act (CAMA) 2020 and Central Bank of Nigeria (CBN) agent banking regulations.

“This reckless practice, often enabled by some fintech companies, endangers Nigeria’s financial system and citizens’ investments,” the Commission said. It hinted that all PoS operators must be fully registered by January 1, 2026.

The CAC stressed that security agencies will be involved to ensure nationwide compliance.

“Unregistered PoS terminals will be seized or shut down by security officials. Fintechs supporting illegal operations will be placed on a watchlist and reported to the CBN,” the statement added.

The Commission also noted the importance of registration amid growing fraud linked to PoS terminals, which accounted for 26.37% of reported incidents in 2023, according to the Nigeria Inter-Bank Settlement System (NIBSS).

Registrar-General Hussaini Magaji emphasised that the registration requirement is grounded in Section 863(1) of CAMA 2020 and the 2013 CBN agent banking guidelines.

He stated the measure is intended to protect both fintech businesses and their customers while strengthening the broader economy.