Fintechs in Nigeria face a looming threat as the Corporate Affairs Commission (CAC) warns that it will blacklist companies supporting unregistered Point of Sale (PoS) operators.
Fintechs Under Threat
The warning came on Saturday, following nearly a year of repeated alerts from the Commission.
Earlier, CAC had threatened to shut down PoS businesses that ignored the September 5 registration deadline, which has already passed.
Rising Unregistered PoS Operators
Moreover, the Commission has noticed a rise in unregistered PoS operators, violating both CAMA 2020 and CBN agent banking rules.
“This reckless practice, often enabled by fintechs, puts Nigeria’s financial system and citizens’ investments at risk,” the CAC explained.
Starting January 1, 2026, the Commission will not allow any PoS operator to trade without registration.
To enforce this, security agencies will seize unregistered terminals and shut down illegal operations.
Read Also: Tax Act Brings ₦10M Fines, 10-Year Jail Terms
Meanwhile, CAC will place fintechs that facilitate such operations on a watchlist and report them to the CBN.
Legal Challenge Looms
The tension has built over time.
Last year, the Commission gave major fintechs, including OPay, Palmpay, and Moniepoint, until July 7, 2024 to register their PoS agents.
Later, it extended the deadline to September 5 while warning operators that non-compliance could lead to prosecution.
However, AMMBAN challenges the Commission, arguing that CAC cannot regulate individuals not operating as companies.
Consequently, the courts will decide the matter, with hearings scheduled for September.
Finally, Registrar-General Hussaini Magaji stressed that the registration rules follow the law and CBN guidelines, aiming to protect fintech businesses, investors, and the wider economy.
