December 6, 2025
The Corporate Affairs Commission, CAC, has warned fintech companies enabling unregistered Point of Sale (PoS) operations in Nigeria to desist or be blacklisted.
CAC disclosed this in a statement issued by the management on Saturday.
The development comes nearly a year after the CAC commenced the process of taking drastic actions against PoS operators that failed to register before the expiration of it September 5 deadline, which had already lapsed at the time.
The CAC noted that it has observed a rising number of PoS operators allegedly running without registration, in violation of CAMA 2020 and CBN agent banking regulations. This is not the first time the Commission has raised such concerns.
According to the CAC, “This reckless practice, often enabled by some fintech companies, puts Nigeria’s financial system and citizens’ investments at risk.”
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The Commission warned that the practice must stop effective January 1, 2026, adding that no PoS operator will be allowed to operate without CAC registration, stressing that security agencies will be engaged to enforce compliance nationwide.
“Unregistered PoS terminals will be seized or shut down by security officials.
“Fintechs enabling illegal operations will be placed on a watchlist and reported to the CBN,” the statement added.
The CAC advised all operators to regularise their registration immediately, stating that compliance is mandatory.
The Corporate Affairs Commission, CAC in May last year, announced that PoS agents of major fintechs in Nigeria, including OPay, Palmpay, and Moniepoint, among others, had been given a deadline of July 7, 2024, to register their businesses.
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The Registrar-General of the CAC, Hussaini Magaji, who made the announcement, said this was part of an agreement reached with PoS operators after a meeting in Abuja.
According to him, the registration requirement is also in line with legal provisions and directives of the Central Bank of Nigeria (CBN).
The Commission later extended the deadline by 60 days to September 5, 2024. The extension came with a warning that any operator who failed to meet the new deadline would face prosecution and risk losing their business.
