“CAC Issues Final Warning to Unregistered PoS Operators as Registration Deadline Expires”

In a stern reminder to Point of Sale (PoS) operators across Nigeria, the Corporate Affairs Commission (CAC) has reiterated that the deadline for mandatory business registration, which was set on July 7, 2024, officially expired on September 5, 2024. The CAC’s notice, shared via The Punch Newspaper’s official X handle, signals a decisive push to enforce compliance with regulatory standards across the financial sector.

This deadline marks the culmination of a months-long effort by the CAC to formalize the burgeoning PoS business sector. With thousands of operators springing up across the country, the Commission has underscored the importance of proper registration to ensure legal protection, enhance transparency, and curb financial crimes linked to unregulated operations.

The CAC has issued a final warning to all PoS operators who have failed to register their businesses. These operators now risk facing severe penalties, including fines, closure of their operations, and legal actions, as the window for compliance has officially closed. The Commission emphasized that the clampdown on non-compliant operators would begin immediately, as regulatory bodies seek to sanitize the system and ensure all financial transactions are conducted within the framework of the law.

For operators who missed the deadline, the CAC encourages swift action to avoid disruptions to their businesses. As part of its commitment to ease the registration process, the Commission has streamlined its procedures, allowing operators to complete their registration online. However, failure to comply will result in immediate enforcement measures, and unregistered PoS operators could find themselves on the wrong side of the law.

This move by the CAC not only strengthens the regulatory landscape but also protects consumers by ensuring that they transact with legally recognized businesses. The Commission’s crackdown signals a new era of accountability, as Nigeria continues to bolster its efforts to create a formal and secure business environment.