1.8 Million PoS Operators to Lose Jobs as CAC Deadline Nears, Stakeholders React
- Time is running out for nearly two million unregistered PoS operators nationwide
- This is because the Corporate Affairs Commission’s January deadline to unregistered PoS (point-of-sale) operators is fast approaching
- However, stakeholders have kicked against the directives to register PoS agents, saying the move would lead to massive job losses
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s PoS industry is heading toward one of its biggest shake-ups in years as the Corporate Affairs Commission (CAC) prepares to enforce a strict directive that may push 1.8 million operators out of business by January 1, 2026.
The order requires every PoS agent nationwide to complete formal business registration or risk having their terminals seized and their operations shut down.
Source: Getty Images
Why CAC is pushing hard
The move is already stirring intense debate, splitting the industry into two opposing camps and casting fresh doubt on the future of financial inclusion in a country that still depends heavily on cash transactions.
According to the Commission, the explosion of unregistered PoS agents violates CAMA 2020 and undermines Central Bank of Nigeria (CBN) agent-banking guidelines that demand traceability and proper documentation.
CAC insists that onboarding thousands of informal agents without legal identities exposes the system to fraud, money laundering, and other risks.
According to a report by Daily Sun, the Commission says it will work with law-enforcement agencies to enforce compliance, and fintech companies that enable unregistered operators may find themselves under regulatory scrutiny.
AMMBAN pushes back, says CAC has gone too far
The strongest opposition is coming from the Association of Mobile Money and Bank Agents in Nigeria.
Its President, Fasasi Sharafadeen, argues that the directive is unnecessary, excessive, and outside the CAC’s mandate.
He maintains that PoS agents already undergo deep verification layers before they can transact.
He points out that every agent is profiled by a financial institution and each terminal is registered with the Nigerian Interbank Settlement System, a level of scrutiny he says many formal companies do not undergo.
Sharafadeen also dismisses CAC’s suggestion that business registration alone can curb fraud, noting that even fully registered companies have been linked to financial crimes.
According to him, security agencies and industry partners already have a coordinated framework to tackle PoS-related fraud, supported by intelligence sharing and a task force endorsed by the Inspector-General of Police.
AMMBAN insists that under CAMA and CBN guidelines, only business names and enterprise-level operators are required to register with the CAC.
Individuals trading under their personal names, the group argues, are exempt. If the Commission insists on enforcing the directive, AMMBAN says it may return to court.
ADPPON backs crackdown but wants better coordination
Standing on the opposite side of the argument is the Association of Digital Payment and PoS Operators of Nigeria.
Its President, Paul Okafor, says fraud linked to PoS channels has now reached alarming levels. Data presented to lawmakers shows losses rising from N17.67 billion in 2023 to N52.26 billion in 2024.
But while ADPPON supports tighter control, it warns that the CAC cannot implement such a major reform alone.
The group is asking for a unified task force that brings together the CBN, security agencies, fintechs, and operators.
They want a harmonized timeline and a national verification system that strengthens security without destroying livelihoods.
A sector on edge
With earlier CAC deadlines missed due to technical problems and the overwhelming number of agents yet to comply, the 2026 enforcement date is shaping up to be a showdown.
Source: Getty Images
The coming months will determine whether the directive formalizes a booming but chaotic sector or wipes out millions of small businesses that keep Nigeria’s informal economy alive.
CAC issues new requirements for business Name update
Legit.ng earlier reported that a few days after the release of the deadline for PoS (point-of-sale) operators to register their businesses or be shut down, the Corporate Affairs Commission (CAC) announced mandatory requirements for all Business name update requests.
According to the commission, every business update request must carry certain information, which it said becomes effective immediately.
The CAC disclosed this in a notice on its X handle on Wednesday, December 10, 2025, stating that all Business name update requests must contain:
Source: Legit.ng
