Juliet Jacob 
ABUJA, Nigeria – Nigeria’s Corporate Affairs Commission, (CAC) places fintech companies under scrutiny, accusing some platforms of enabling illegal Point of Sale operations linked to rising financial fraud.
In a statement on Saturday, the CAC says the widespread use of unregistered POS terminals creates regulatory loopholes increasingly exploited by criminal networks.
“The Commission has noted with concern that some fintech companies are aiding the activities of unregistered PoS agents,” the statement says. “This practice undermines regulatory oversight and exposes citizens to serious financial risks.”
The watchdog announces that from 1 January 2026, all POS operations without valid CAC registration will be classified as illegal. Security agencies will be authorised to seize terminals and shut down offending businesses nationwide.
According to the CAC, fintech firms that onboard unverified agents may face sanctions, including regulatory watchlisting and formal reports to the Central Bank of Nigeria. “Fintech platforms that continue to ignore compliance requirements will face regulatory consequences,” the Commission warns.
Officials say the move forms part of wider efforts to sanitise Nigeria’s financial technology space and protect consumers from fraud.
The CAC urges all POS operators and partner fintech companies to regularise their registration immediately, stressing that the era of informal POS operations is ending.
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Mirian Gom 
Otamere Gladness 
Edino Chubiyo Cornelius 
Oluwatobi Adu