CAC to shut down unregistered PoS businesses as deadline expires

In a public notice issued on Friday, the CAC voiced concern over the low compliance rate with the registration directive.

The commission hinted that those who have not yet registered may be engaged in “unwholesome activities,” raising concerns about the potential for illegal practices within the unregistered segment of the PoS operator community.

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This reminder comes amid legal disputes from fintech operators under the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), who argue that the compulsory registration is unlawful.

The CAC noted with concern that despite the proliferation of PoS operators across the country, the level of compliance has been disappointingly low.

To enforce the directive, the CAC has indicated that it is working closely with law enforcement agencies and other relevant stakeholders to ensure that all PoS operators comply with the mandatory registration requirement.

The commission warned that non-compliant operators could face legal actions, including the potential shutdown of their operations.