Dec 12 (Lagos) - The Corporate Affairs Commission is finally taking up the matter of unregistered POS operators seriously. This practice greatly undermines Nigeria's financial sector and reduces it to roadside vendors hawking currency like food items.
Nigerians have become accustomed to paying to access their own currency not some foreign currency. It is a rare phenomenon that has occurred in Nigeria and turned into a business sector of its own, making people pay a fee to have access to currency notes.
Fintechs entered the scene and just distributed pos machines at scale and called it 'financial inclusion' but in reality it was good business no matter how unethical or even illegal. CAC has issued a directive with the following points that will be effective in 2026.
1. No PoS operator will be allowed to operate without CAC registration.
2. Security agencies will enforce nationwide compliance.
3. Unregistered PoS terminals will be seized or shut down by Security Officials.
4. Fintechs enabling illegal operations will be placed on watchlist and reported to the CBN.
“5. All operators are advised to regularize immediately.
Compliance is mandatory.”