CAC Threatens Legal Action Against Fintech Firms Over Unregistered PoS Operators

The Corporate Affairs Commission (CAC) in Nigeria has issued a warning to fintech companies, including Opay, Moniepoint, and Palmpay, for allegedly facilitating unregistered Point of Sale (PoS) operators. The CAC has set a deadline for PoS operators to register their businesses by January 2026 or face legal action.

Fintech firms found supporting unregistered PoS agents will also face consequences. The CAC's crackdown is part of ongoing enforcement efforts to align with the Companies and Allied Matters Act 2020.

Experts warn that this clampdown could exacerbate unemployment and insecurity in the country. Additionally, the Nigerian Communications Commission (NCC) announced a 50% tariff increase for telecom companies, affecting fintech firms like Palmpay.