The Federal Government, through the Corporate Affairs Commission (CAC), has issued a stern warning to Point of Sale (POS) operators in the Fintech sector, threatening to shut down businesses that fail to complete their registration.

In a statement released on Friday, the CAC reminded operators that the 60-day registration deadline, which expired on September 5, 2024, has not been adhered to by many in the industry. The Commission praised those who have complied but emphasized that non-compliance will not be tolerated.

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

The CAC expressed concern over the low compliance rate, given the large number of POS operators across the country. “Those who have taken steps to formalize in line with the Commission’s directive are commended for their positive attitudes,” the statement continued.

However, the Commission pointed out that many operators have ignored the directive, suggesting that some might be involved in questionable activities or have other undisclosed reasons for non-compliance.

“We wish to make it clear that the Commission is working with law enforcement agencies and other relevant stakeholders to deploy a comprehensive enforcement and sanction framework. This may include not only possible shutdowns but also severe legal consequences,” the CAC warned.

Operators were urged to comply immediately to avoid facing penalties, as enforcement actions are imminent.