CAC Targets Fintechs Aiding Illegal PoS Operators
The Corporate Affairs Commission (CAC) has warned that fintech firms that enable unregistered point-of-sale (POS) operators will be blacklisted starting January 1, 2026, as part of a sweeping crackdown on informal payment terminals across Nigeria.
In a public notice issued Saturday, the regulator described the proliferation of unregistered POS terminals as a “reckless practice” — a direct violation of the Companies and Allied Matters Act 2020 (CAMA) and the agent-banking regulations of the Central Bank of Nigeria (CBN).
What CAC Is Mandating
- From January 1, 2026, only properly registered PoS agents will be permitted to operate. All others will be subject to shutdowns or seizure of their terminals by security agencies.
- Fintech companies found to be onboarding or supporting “illegal” POS agents — those without CAC registration — will be placed on a regulatory watch-list and referred to the CBN for possible sanctions or blacklisting.
The Commission has called on all PoS agents, aggregators, super-agents and related fintech firms to regularize their operations immediately.
The Commission has called on all PoS agents, aggregators, super-agents and related fintech firms to regularize their operations immediately.
Why the Crackdown — and What It Means
CAC says the surge in unregistered POS terminals undermines the integrity of Nigeria’s financial payment infrastructure and exposes citizens to fraud or misuse.
Analysts warn that fintech firms may need to audit their agent networks to ensure compliance regulatory action and reputational damage. For many PoS agents, especially small operators, the deadline presents a make-or-break moment: regularize their business, or face shutdown.
Customers may also feel the short-term impact if some kiosks close but long-term, the crackdown could strengthen trust in the agent-banking system and reduce cases of unregulated financial activity.
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