CAC Orders Nationwide Clampdown on Unregistered PoS Operators, Sets January 1 Deadline
The Corporate Affairs Commission (CAC) has announced a nationwide crackdown on unregistered Point of Sale (PoS) operators, warning that all illegal operators will be shut down starting January 1, 2026. In a public notice, the Commission expressed concern over the rising number of unregistered PoS businesses violating CAMA 2020 and CBN Agent Banking Regulations, accusing some fintech companies of enabling these unlawful practices. CAC says unregulated PoS operations pose risks of fraud, financial losses, and threats to national security. Starting January 1, security agencies will enforce compliance, seize unregistered PoS terminals, and monitor enabling fintech companies. All operators have been urged to register immediately.
The Corporate Affairs Commission (CAC) has announced a nationwide crackdown on unregistered Point of Sale (PoS) operators, warning that all illegal operators will be shut down starting January 1, 2026. In a public notice, the Commission expressed concern over the rising number of unregistered PoS businesses violating CAMA 2020 and CBN Agent Banking Regulations, accusing some fintech companies of enabling these unlawful practices. CAC says unregulated PoS operations pose risks of fraud, financial losses, and threats to national security. Starting January 1, security agencies will enforce compliance, seize unregistered PoS terminals, and monitor enabling fintech companies. All operators have been urged to register immediately.
CAC Orders Nationwide Clampdown on Unregistered PoS Operators, Sets January 1 Deadline
The Corporate Affairs Commission (CAC) has announced a nationwide crackdown on unregistered Point of Sale (PoS) operators, warning that all illegal operators will be shut down starting January 1, 2026. In a public notice, the Commission expressed concern over the rising number of unregistered PoS businesses violating CAMA 2020 and CBN Agent Banking Regulations, accusing some fintech companies of enabling these unlawful practices. CAC says unregulated PoS operations pose risks of fraud, financial losses, and threats to national security. Starting January 1, security agencies will enforce compliance, seize unregistered PoS terminals, and monitor enabling fintech companies. All operators have been urged to register immediately.
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