The Corporate Affairs Commission (CAC) has announced a nationwide enforcement campaign targeting Point-of-Sale (PoS) agents who are operating without formal registration.
The Commission says all operators must regularise their businesses before 1 January 2026, warning that defaulters will be shut down.
READ ALSO: POS operators make brisk business at Lagos trade fair
The announcement was made on Saturday through the Commission’s Instagram page, where the CAC raised fresh concerns over the growing number of unregistered PoS terminals across the country. It said the practice violates the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) Agent Banking Regulations.
According to the Commission, some fintech platforms have been enabling the situation by onboarding unregistered agents. It described such actions as “reckless and dangerous,” saying they expose millions of Nigerians especially traders and residents in rural areas to financial risks, including fraud and cybercrime.
The CAC stated that registration is now compulsory for anyone operating a PoS business. It warned that from the 2026 deadline, security agencies will enforce compliance, while unregistered terminals risk being seized. Fintech companies found supporting illegal operations will also be placed on a watchlist and reported to the CBN.
Saturday’s notice revives an earlier directive issued in May 2024, which initially gave operators until July 7 to comply. The deadline was later shifted to September 5 following low compliance rates. Lawmakers had previously raised alarm over rising fraud linked to PoS transactions, citing problems such as cloned terminals, anonymous dealings and poorly profiled agents.
The push for compulsory registration forms part of wider government efforts to tighten regulation in the agent-banking sector. A Nigeria Inter-Bank Settlement System (NIBSS) report showed that PoS channels accounted for more than 26% of fraud cases in 2023, a trend authorities say must be addressed urgently as digital payments expand across Nigeria.
