The Corporate Affairs Commission has announced a nationwide enforcement drive targeting Point-of-Sale operators running without proper registration, Peak Newspaper reports.
The Commission said it has observed a surge in operators violating the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria’s Agent Banking Regulations.
In a statement posted on its Instagram page on Saturday, the CAC accused several fintech firms of aiding the problem by onboarding unregistered agents, describing their actions as reckless and damaging to the financial ecosystem.
The Commission warned that unregulated PoS operations expose millions of Nigerians, including small business owners and rural users, to fraud and investment risks.
1 January 2026 Compliance Deadline
The CAC has set 1 January 2026 as the enforcement date for full compliance. From that date, no PoS operator will be permitted to operate without CAC registration. Security agencies will carry out nationwide enforcement, including seizing or shutting down unregistered terminals.
Fintech firms enabling unregistered operators also face sanctions. The CAC said they will be placed on a watchlist and reported to the Central Bank of Nigeria.
The Commission urged all PoS agents to regularise their registration immediately, stressing that compliance is mandatory.
Lawmakers Raise Concerns Over Rising Fraud
In a parallel development, the Chairman of the House of Representatives ad hoc committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and PoS Operations, Olufemi Bamisile, flagged rising fraud linked to PoS activities.
According to Bamisile, the committee has received reports of unprofiled agents, cloned terminals, anonymous transactions, and weak KYC procedures. He warned that these gaps could trigger widespread financial losses and cybersecurity threats.
The committee’s concerns align with the CAC’s position that urgent reforms are needed to secure the nation’s financial system and protect users from the risks associated with unregulated PoS operations.
