Unregistered Point-of-Sale terminals across Nigeria may soon be seized, as the Federal Government tightens regulation on the fintech and agent-banking space.
The Corporate Affairs Commission (CAC) says from January 1, all PoS operators must be formally registered, warning that any terminal operating outside the system risks being shut down or confiscated.
The announcement, made in early December, also places fintech companies under scrutiny, with the CAC warning that platforms enabling unregistered agents could be reported to the Central Bank of Nigeria.
This is not the first time the government has raised the issue. The CAC has previously issued deadlines and extensions for PoS registration, but officials say compliance has remained low, prompting this tougher enforcement.
According to the Commission, the move is aimed at bringing PoS operators under one regulatory umbrella, in line with the Companies and Allied Matters Act and CBN guidelines.
Authorities say this will enhance accountability, consumer protection, and transaction traceability, while helping to curb fraud and other financial crimes associated with unregulated terminals.
With enforcement set to begin in January, PoS operators and fintech firms have been urged to comply or face sanctions.
