The Corporate Affairs Commission (CAC) has strengthened its registration requirements for Point of Sale (POS) operators in response to rising fraud concerns. Initially set to end on July 7, 2024, the registration deadline has been extended to September 5, 2024, to accommodate operators in remote areas facing network challenges. This initiative, supported by the Central Bank of Nigeria (CBN), aims to curb the misuse of POS terminals for fraud and ransom collection.

A report from the Nigeria Inter-Bank Settlement System (NIBSS) Plc revealed that POS terminals were involved in 26.37% of fraud cases in 2023. To combat this, the CAC now requires all POS operators, merchants, and individuals to register with the commission to ensure they meet legal standards.

The CAC has warned that non-compliance could lead to the revocation of business licenses and potential legal action for facilitating criminal activities. Some financial service providers have already begun blocking accounts of unregistered operators to avoid penalties.