The Corporate Affairs Commission (CAC) has announced a nationwide enforcement operation that will target all unregistered Point-of-Sale (PoS) operators beginning 1 January 2026, marking one of the most sweeping regulatory actions the sector has ever faced.
According to a statement released on Saturday, the Commission expressed concern over the rising number of PoS agents who continue to operate outside the provisions of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations.
The Commission said the trend has created significant loopholes within the financial ecosystem, exposing millions of Nigerians to fraud and other financial risks.
CAC warned that any PoS business that fails to complete its registration before the January deadline will be barred from operating.
Security agencies will also be deployed nationwide to ensure strict compliance. Unregistered terminals may be seized or shut down by law enforcement officers.
The Commission pointedly accused some financial technology companies of enabling the problem by onboarding unregistered PoS agents “recklessly,” thereby contributing to the rise of anonymous transactions, fraudulent terminals, and weak Know-Your-Customer (KYC) practices. Fintech firms that continue this practice will be placed on a watchlist and reported to the Central Bank of Nigeria (CBN), the CAC said.
Beyond regulatory compliance, CAC emphasized that the clampdown is necessary to protect vulnerable groups — including small business owners, rural communities, and elderly Nigerians from losses linked to cloned machines, identity theft, and fraudulent withdrawals.
The warning from CAC aligns with recent findings by the House of Representatives’ ad hoc committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and PoS Operations.
The committee, chaired by Hon. Olufemi Bamisile, reported widespread concerns over unprofiled agents, compromised devices, and suspicious cash flows tied to criminal networks.
Bamisile cautioned that if the current trends persist, Nigerians could face increased cybercrime, financial breaches, and large-scale losses in the coming months. He called for coordinated action between regulators, lawmakers, and the financial sector to restore trust and transparency in the PoS space.
With the deadline fast approaching, CAC has urged operators to begin their registration immediately, stressing that the directive is mandatory and non-negotiable.
Analysts say the move could reshape Nigeria’s PoS industry one of the fastest-growing digital payment channels in Africa potentially forcing thousands of informal agents either to formalize their operations or exit the sector entirely.
