By Niyi Jacobs
he Corporate Affairs Commission (CAC) has commenced enforcement actions against Point of Sales (PoS) businesses that failed to register with the commission, threatening to shut down non-compliant operators. The move comes after the expiration of the September 5 deadline for registration.
According to the CAC, many PoS operators have failed to comply with the directive, prompting the commission to take drastic measures. The CAC has warned that unregistered PoS operators may be engaging in “unwholesome activities” and will face severe legal consequences, including possible shutdown and prosecution.
The development comes as the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has challenged the CAC’s registration directive in court, arguing that it is illegal. The group claims that the CAC has no jurisdiction over individuals operating as sole proprietors.
The CAC has maintained that the registration is necessary to safeguard businesses and customers, as well as strengthen the economy. The commission has also stated that it is working with law enforcement agencies to deploy a comprehensive enforcement and sanction framework.
The move has raised concerns among PoS operators, who fear that the shutdown of non-compliant businesses could disrupt financial services and harm customers. The development is also seen as a sign of the increasing regulatory scrutiny of the fintech industry in Nigeria.
