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 financial risks associated with unregulated agent banking activities in Nigeria.
In a statement issued on Saturday via its official Instagram page, the Commission described the surge in unregistered PoS terminals as a “reckless practice” that violates the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations.
The CAC said it had observed an increase in operators conducting business without proper registration, a trend it warned poses significant risks to Nigeria’s financial system.
According to the Commission, unregistered PoS terminals will be seized or shut down by security agencies during the enforcement exercise. It also disclosed that fintech firms enabling illegal activities by onboarding unregistered agents are now on its watchlist, and such companies will be reported to the CBN for further regulatory action.
“This reckless practice, often enabled by some fintech companies, puts Nigeria’s financial system and citizens’ investments at risk. This must stop,” the CAC said, urging all operators to commence the registration process immediately. “Effective 1 January 2026, no PoS operator will be allowed to operate without CAC registration. Compliance is mandatory.”
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The statement marks the Commission’s renewed push to sanitise the fast-growing PoS sector, following an earlier attempt in 2024 to clamp down on unregistered operators, a move that industry players widely resisted at the time.
The crackdown follows months of policy shifts that show regulators are increasingly concerned about the size, reach, and vulnerability of Nigeria’s agent banking ecosystem, which boasts an estimated over 1.9 million PoS agents. PoS terminals processed N10.51 trillion in Q1 2025, a 301.67 percent increase from the previous year, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
With PoS terminals now serving as the primary cash access point for millions of Nigerians, the CAC’s action signals a coordinated push to close compliance gaps. In August, the CBN ordered that all PoS terminals be restricted to a 10-metre radius of their registered address.
The directive intensifies the regulatory spotlight on fintechs, many of which have aggressively expanded their agent networks over the past five years. There were 8.36 million registered PoS terminals, with 5.90 million active/deployed as of March 2025. Fintech-led agent networks have been at the centre of conversations about fraud, KYC, and weak oversight.
