CAC also urged all POS operators to register before January 1, 2026, insisting that compliance is mandatory ahead of enforcement.
By Kehinde Okeowo
The Corporate Affairs Commission (CAC) has threatened to report leading fintech companies, including Opay and Moniepoint, who transact business with unregistered Point of Sale (POS) operators across the country to the Central Bank of Nigeria (CBN) for appropriate sanctioning.
The commission issued the warning on Friday via an enforcement notice, as it intensifies a nationwide clampdown on unregistered POS businesses.
According to the CAC, its proposed action is in line with the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations.
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The notice further stated that the government agency will begin shutting down all unregistered POS operators from January 1, 2026.
“This reckless practice, often enabled by some fintech companies, puts Nigeria’s financial system and citizens’ investments at risk. This must stop,” the commission stated.
The CAC went on to emphasize that any fintech found dealing with unregistered operators will be placed under monitoring and reported to the apex bank.
“Fintechs enabling unregistered operators will be placed on a watchlist and reported to the CBN,” the CAC added.
The commission urged all POS operators to register immediately, insisting that compliance is mandatory ahead of the enforcement deadline.
