Federal government has warned that all Point of Sales, POS, operators who fail to meet the Nigerian Government’s registration deadline will be shut down.
The Corporate Affairs Commission, CAC, issued the warning over the weekend.
The CAC had earlier warned all POS operators to get their businesses duly registered as part of measures to checkmate financial fraud and insecurity in the country.
The Commission, therefore, threatened to shut down any POS operator who fails to duly register with the commission. According to the commission, any of the operators that failed to register would have their POS machine seized by security operatives.
The commission warned that enforcement starts from January 1, 2026.
The statement reads: “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.”
