Corporate Affairs Commission, on Saturday, directed all Point-of-Sale operators (PoS) across the country to complete their registration before 1 January 2026 or risk ban.
The Commission warned that unregistered operators will be barred from conducting business thereafter.
CAC in a public notice, said it had observed a surge in unregistered PoS operators across the country.
It warned that operating an unregistered PoS business violates the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria’s Agent Banking Regulations.
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.
The Commission warned that the trend exposes millions of Nigerians, including small business owners and rural users, to economic and investment risks.
The statement partly read, “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.”
Central Bank of Nigeria has been called upon in several occasions to take urgent steps toward curbing worsening cases of fraud affecting PoS businesses across the nation.
