CAC Warns of Shutdown for Unregistered PoS Operators Following Deadline Expiration

The Corporate Affairs Commission (CAC) has issued a stern warning to Point of Sale (PoS) operators, indicating potential shutdowns for those who failed to register by the September 5, 2024 deadline.

The CAC noted a significant lack of compliance with the registration directive, which was initially announced on July 7, 2024, and extended by 60 days. The Commission stated that unregistered operators might be engaging in "unwholesome activities," prompting the need for enforcement actions in collaboration with law enforcement agencies.

In a public notice, the CAC emphasized that operators who have not registered risk facing severe legal consequences, including possible business closures. This move comes amid rising fraud incidents associated with PoS transactions, which accounted for over 26% of fraud cases in 2023.

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has challenged the CAC's registration requirements in court, arguing they violate the Companies and Allied Matters Act. The court is set to hear the case this September, as the CAC continues to push for compliance among PoS operators