Nigeria's Corporate Affairs Commission (CAC) has mandated that all financial technology operators, including Point of Sale (PoS) operators, register with the commission by July 7, 2024.
The registrar general of the CAC, Hussaini Magaji, emphasized that operating a PoS without registration constitutes a criminal offence under Nigerian law. This registration requirement is part of enforcing the Companies and Allied Matters Act (CAMA) and aims to ensure that all businesses operate legally. Registering PoS operators is also seen as a measure to combat crime, as it will help identify individuals involved in criminal transactions using PoS terminals.
To facilitate this process, the CAC has launched a dedicated centre for the bulk registration of PoS operators.
The CAC has made provisions for both manual and online registration through a structured portal where certificates are automatically generated for registrants.
Despite initially planning to impose penalties for non-compliance, the CAC decided against it to support small businesses, giving operators until the specified July deadline.
