BREAKING: FG Moves To Enforce Compliance As Unregistered POS Operators Risk Legal Action

The Federal Government, in collaboration with the Corporate Affairs Commission (CAC), has issued a stern warning to Point of Sale (POS) operators within the Fintech industry, mandating immediate business registration to avoid legal repercussions.

In a statement released on Friday, the CAC highlighted that the 60-day registration window, which expired on September 5, 2024, was largely disregarded by a significant portion of the operators.

While commending those who adhered to the directive, the CAC emphasized that further non-compliance would lead to strict enforcement actions, including potential shutdowns and legal proceedings against defaulters.

The commission urged all unregistered POS operators to act swiftly to avoid imminent penalties, as the crackdown on non-compliance is set to begin shortly.

The statement reads, “The Corporate Affairs Commission wishes to remind the general public particularly Fintech operators also known as Point of Sale (POS) operators, that the 60 days deadline given in daily newspaper publications of July 7 2024, for the registration of such businesses expired on September 5, 2024.

“The Commission notes inadequate compliance with the directive for formalization when viewed from the background of the large number of POS operators in the country. Those that have taken steps to formalize in line with Commissions directive are commended for their positive attitudes.

“Recalcitrant operators have refused to adhere to the advice ice for formalization due possibly, to engagements in unwholesome activities or for some reasons best known to them.

“We are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal Consequences.”