The Corporate Affairs Commission (CAC) has announced a new regulatory move targeting unregistered Point-of-Sale (PoS) operators in Nigeria, set to take effect from January 2026. The initiative seeks to formalize the rapidly growing PoS sector, enhance compliance, and safeguard consumers against unregulated financial activities.
PoS operators have become a critical part of Nigeria’s financial ecosystem, facilitating cashless transactions, financial inclusion, and convenience for millions of Nigerians. However, the proliferation of unregistered operators has raised concerns about fraud, tax evasion, and operational inconsistencies. The CAC’s move is aimed at ensuring that all PoS operators meet legal, operational, and financial standards before providing services to the public.
Under the new directive, all PoS operators will be required to register with the CAC, provide detailed business information, and adhere to regulatory guidelines. Unregistered operators who continue to operate beyond the January 2026 deadline will face sanctions, including suspension, fines, and potential legal action. The commission emphasized that the regulation is part of a broader strategy to professionalize the PoS sector, enhance consumer protection, and create a transparent operational environment.
The CAC has also promised to support operators in the registration process by offering online platforms, step-by-step guidance, and educational resources. This approach is intended to make compliance straightforward, particularly for small-scale operators who may lack awareness of regulatory requirements.
Industry stakeholders have largely welcomed the initiative, noting that a well-regulated PoS ecosystem will boost investor confidence, reduce fraudulent activities, and strengthen the overall financial system. Consumers, too, are expected to benefit from enhanced accountability and reliability of services.
As the deadline approaches, operators are encouraged to register promptly to avoid disruptions to their businesses. The CAC’s directive marks a decisive step toward formalizing Nigeria’s fintech landscape and ensuring that PoS operations contribute positively to the country’s digital financial growth.
This regulation underscores the importance of compliance in the evolving financial sector and highlights Nigeria’s commitment to creating a safe, efficient, and accountable digital payments ecosystem.
Leave a Reply