The Corporate Affairs Commission (CAC) has announced its intention to take action against Point of Sale (PoS) operators who failed to register their businesses by the September 5, 2024 deadline. The commission suspects some operators may be involved in unlawful activities and is collaborating with law enforcement to implement penalties, including potential business closures and legal consequences.
Despite a 60-day registration window starting July 7, 2024, compliance has been low. In response, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) is challenging the CAC’s directive in court, claiming the mandatory registration is unlawful.
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