January Deadline: CAC to Seize Unregistered POS Terminals
The Corporate Affairs Commission (CAC) has officially declared that the "grace period" for POS operators is over. Starting January 2025, the government will begin a nationwide crackdown to sanitize the fintech space.
The Key Takeaways:
Seizures: Any POS terminal used by an unregistered business will be confiscated.
Fintech Watchlist: Payment providers (like OPay, Moniepoint, etc.) that continue to service unregistered agents will be placed on a regulatory watchlist and face heavy sanctions.
The Goal: To curb financial crimes, including fraud and untraceable ransom payments, by ensuring every terminal is tied to a registered business name.
What You Need to Do:
Register: If you haven't, register your business name via the CAC portal immediately.
Upload: Submit your registration documents to your Fintech provider to avoid being deactivated.
The Bottom Line: If you aren’t registered by January, you risk losing your terminal and your livelihood. Act now!
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