The Corporate Affairs Commission (CAC) has announced that all unregistered Point-of-Sale (PoS) operators will be shut down from January 1, 2026, as part of efforts to curb rising fraud and financial risks in Nigeria’s agent banking sector.
The directive, issued through a public notice and a social media statement, follows growing concern over the increasing number of operators conducting business without proper registration.
The Commission said the widespread use of unregistered PoS terminals violates the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria’s Agent Banking Regulations.
It warned that the proliferation of unregistered agents often supported by some fintech firms poses significant threats to the financial system and exposes citizens to fraud and investment losses.
Under the enforcement plan, security agencies will seize or shut down unregistered PoS terminals nationwide, while fintechs on-boarding unregistered agents will be placed on a watchlist and reported to the Central Bank for further regulatory action.
The CAC stressed that “compliance is mandatory,” urging operators, super agents, aggregators, and fintech-backed networks to regularise their operations immediately.
The decision marks a renewed attempt to sanitise the fast-expanding PoS ecosystem, which has faced mounting concerns over fraud, weak Know-Your-Client practices, and rapid agent proliferation.
Nigeria had 1.9 million PoS agents as of 2025, with PoS terminals processing N10.51 trillion ($7.27 billion) in the first quarter more than triple the previous year’s volume, according to Nigeria Inter-Bank Settlement System Plc data.
Regulators have recently intensified oversight of the sector. In August, the Central Bank ordered that PoS terminals operate within a 10-metre radius of their registered location.
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