January 1 Deadline For Mandatory Business Registration Or Face Arrest— CAC Tells POS Operators In Nigeria

The Corporate Affairs Commission (CAC) has announced a sweeping nationwide enforcement action targeting all unregistered Point of Sale, POS operators in Nigeria, warning that any operator not duly registered by January 1, 2026, will be shut down and their terminals seized.

BrandNewsDay Nigeria reports that in a public notice released on Saturday, the commission expressed deep concern over the growing number of POS operators conducting business without proper registration — an act it described as a violation of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations.

BrandNewsDay reports that the CAC had earlier threatened a clampdown on the activities of PoS operators in 2024, a move the operators opposed.

In its latest statement, the CAC said the rising number of unregistered PoS operators was a clear violation of the Companies and Allied Matters Act 2020, as well as the Central Bank of Nigeria’s Agent Banking Regulations.

The CAC accused some fintech companies of enabling this trend by onboarding unregistered agents, a practice it described as reckless and dangerous to Nigeria’s financial system. It warned that such activities expose millions of Nigerians — including small business owners and rural communities — to financial and investment risks.

The commission stated that beginning 1 January 2026, no PoS operator will be allowed to conduct business in Nigeria without completing full CAC registration.

“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 the watchlist and reported to the CBN. All operators are advised to regularise immediately. Compliance is mandatory,” the statement read in part.

Recently, The Nation reported that the Chairman of the House of Representatives ad hoc committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and PoS Operations in Nigeria, Olufemi Bamisile, expressed concern over the increasing fraud linked to PoS operations and the infiltration of unlicensed crypto-related activities in the sector.

The lawmaker said his committee had received multiple reports of unprofiled agents, cloned terminals, anonymous transactions, and weak Know-Your-Customer practices, which he warned are putting Nigerians at serious risk of financial loss, cybercrime, and security breaches.