THE Corporate Affairs Commission (CAC) has issued a directive to Point-of-Sale (PoS) operators nationwide as it launches a sweeping enforcement campaign targeting businesses operating without proper registration.
In a statement posted on its Instagram page on Saturday, December 6, 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,” the statement partly read.
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.
For instance, a call has also been made during an anti-corruption radio programme, PUBLIC CONSCIENCE, produced by the Progressive Impact Organisation for Community Development (PRIMORG) and reported by The ICIR.
Also, media reports earlier in the week noted that 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,raised alarm over rising fraud connected to PoS transactions and the spread of unlicensed crypto-related activities.
According to him, the committee has received reports of unprofiled agents, cloned terminals, anonymous transactions and weak Know-Your-Customer processes — issues he warned are exposing Nigerians to financial loss, cybercrime and broader security risks.
The CAC added that beginning 1 January 2026, no PoS operator will be allowed to conduct business in Nigeria without completing full registration.
“Effective 1 January 2026, no PoS operator will be allowed to operate without CAC registration. Security agencies will enforce nationwide compliance, and unregistered PoS terminals will be seized or shut down,” it said.
Nurudeen Akewushola is an investigative reporter and fact-checker with The ICIR. He believes courageous in-depth investigative reporting is the key to social justice, accountability and good governance in society. You can reach him via nyahaya@icirnigeria.org and @NurudeenAkewus1 on Twitter.
Yahaya