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 close down businesses that fail to register.

In a statement released on Friday, the CAC highlighted that the 60-day registration window, which ended on September 5, 2024, has not been met by many operators.

The Commission commended those who have complied but emphasized that non-compliance will not be tolerated.

The CAC urged immediate registration to avoid penalties, cautioning that enforcement measures are underway.

The statement read: “The Corporate Affairs Commission reminds the public, particularly Fintech operators (POS), that the 60-day deadline, published in newspapers on July 7, 2024, for business registration expired on September 5, 2024.

“The Commission has observed inadequate compliance given the large number of POS operators. We commend those who have complied with the directive.

“However, certain operators have failed to adhere, possibly due to involvement in questionable activities or other unknown reasons.

“We wish to clarify that the Commission, in collaboration with Law Enforcement Agencies, is prepared to implement strict enforcement measures and sanctions, which may include business shutdowns and other legal repercussions.”