The CAC has triggered sharp disagreements with its new PoS registration directive.
The Commission now requires all PoS operators to register before January 1, 2026.
It warned operators that failing to comply could result in terminal seizure and business closure.
CAC Enforces PoS Registration
The CAC explained that unregistered agents threaten financial stability and violate CAMA 2020 and CBN rules.
Furthermore, the Commission will deploy security agencies to ensure nationwide compliance.
It will also monitor fintechs that assist unregistered operators.
Industry Reactions Split
Industry reactions quickly divided.
ADPPON supports the directive but urges organised implementation.
In contrast, AMMBAN rejects the directive and accuses the CAC of exceeding its authority.
AMMBAN’s President, Fasasi Sharafadeen, told newsmen that the rule is unnecessary.
He argued that financial institutions already register all PoS agents thoroughly.
Additionally, each device registers with the Nigerian Interbank Settlement System.
Sharafadeen emphasised that CAC registration alone cannot prevent fraud.
He pointed out that even CAC-registered companies still commit fraud.
Moreover, he leads a task force approved by the Inspector General of Police to tackle PoS security issues.
He highlighted that CBN guidelines exempt individual agents operating under personal names.
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Consequently, he warned that AMMBAN may pursue legal action if the CAC persists.
Calls For Coordinated Cleanup
Meanwhile, ADPPON took a different approach.
Its President, Paul Okafor, said rising fraud makes a clean-up urgent.
He cited data showing fraud increased from ₦17.67 billion in 2023 to ₦52.26 billion in 2024.
PoS operators have increasingly become targets for financial crime.
ADPPON supports stronger accountability but opposes unilateral CAC actions.
Okafor explained that previous enforcement failed due to weak multi-agency coordination.
He called for a joint task force involving the CBN, Police, fintechs, and operators.
He suggested a shared timeline, clear verification processes, and awareness programmes.
He emphasised that reforms must protect small businesses while securing financial inclusion.
Background
The dispute follows earlier CAC efforts.
Last year, the CAC required operators of major fintechs to register by July 2024.
Operators reported portal difficulties, so the Commission extended the deadline to September.
The CAC warned that authorities would prosecute unregistered agents.
The new 2026 deadline shows many operators remain unregistered.
As a result, the industry faces a growing regulatory showdown.
