Nigeria's CAC to Ban Unregistered PoS Operators from January 1

The Corporate Affairs Commission (CAC) in Nigeria has announced its intention to prohibit unregistered Point of Sale (PoS) operators starting from January 1. The commission highlighted that operating as an unregistered PoS business is a violation of the Companies Allied Matters Act 2020.

The Central Bank of Nigeria (CBN) has criticized fintech firms for onboarding unregistered agents, warning that such practices pose risks to Nigeria's financial stability. The CAC emphasized that all PoS operators must complete full registration to conduct business in Nigeria.

This regulatory action aims to safeguard the financial system and protect millions of Nigerians, including small business owners and rural users.