- Safiu Kehinde
The Corporate Affairs Commission (CAC) has given all Point of Sale (PoS) machine operators a deadline till January 1st to register with the commission or risk being shut down.
This was made known in a statement issued by the commission of Saturday.
As contained in the statement shared on its official X handle, the CAC decried what it described as reckless practice of some fintech companies who allegedly put Nigeria’s financial system and citizens’ investment at risk.
In a bid to curtail the practice, the commission warned that failure to operators’ failure to register their enterprise before January 1st will lead to the shutdown of their operation with security agencies deployed nationwide to enforce the exercise.
It was also warned that fintechs enabling te=he illegal operations will be placed on watchlist and reported to the Central Bank of Nigeria (CBN).
The statement read; “The CAC has observed the rising number of POS operators running without registration, violating CAMA 2020 and CBN Agent Banking Regulations.
“This reckless practice often enabled by some fintech companies puts Nigeria’s financial system and citizens’ investments at risk. This must stop.
“EFFECTIVE 1 JANUARY 2026:
No PoS operator will be allowed to operate without CAC registration.
Security agencies will enforce nationwide compliance.
Unregistered POS terminals will be seized or shut down by Security Officials.
Fintechs enabling illegal operations will be placed on watchlist and reported to the CBN.
All operators are advised to regularize immediately.
Compliance is mandatory.”