In a move aimed at strengthening the Nigerian financial system and combating financial crime, the Central Bank of Nigeria (CBN) has issued a directive mandating all Point-of-Sale (PoS) operators to register their businesses with the Corporate Affairs Commission (CAC) by July 7th, 2024. This registration requirement plays a crucial role in ensuring the security and integrity of PoS transactions for several reasons.

    CAC Registration
    PoS machine

    Why register your POS with CAC?

    Registering your PoS business with the CAC offers several benefits:

    • Compliance: It ensures adherence to CBN regulations and avoids potential legal consequences.
    • Security: Registration helps authorities track suspicious activity and deter criminal use of PoS terminals.
    • Credibility: A registered business builds trust with customers and strengthens your brand image.
    • Financial Services: Registration may unlock access to financial services beneficial for your business growth.

    In addition to the above benefits, some reports suggest that CAC registration data might be used to identify individuals involved in kidnapping and ransom payments facilitated through PoS terminals. This highlights the vital role PoS operator registration plays in combating financial crime.

    How Do I Register My PoS Business with CAC by Myself?

    The CAC offers a user-friendly online registration process for PoS businesses. Here’s a breakdown of the steps involved:

    Registration Process:

    1. Create a CAC Account: navigate the CAC website ( and then click on “Create Account.” Register by using your National Identification Number (NIN) or phone number.
    2. Reserve a Business Name: Choose a unique and appropriate name for your PoS business. You can check name availability and reserve it directly through the CAC portal.
    3. Complete the Business Registration Form (CAC-BN1): This form captures details about your PoS business, including its name, address, nature of business (POS operations), proprietors/partners (your information), and any proposed appointed secretary.
    4. Upload Required Documents: Scan and upload the necessary documents for verification. These may include a valid ID, proof of address, and any supporting documents for your chosen business structure (sole proprietorship for most PoS businesses).
    5. Pay Registration Fees: The CAC charges a filing fee for online business registration. You can find the current fee schedule on the CAC website.
    6. Submit Your Application: Once you’ve completed all steps, reviewed your application for accuracy, and paid the fees, submit your online registration for processing.
    7. Track Your Application: The CAC will provide you with a reference number to track the progress of your application. You can expect to receive your Certificate of Registration and other relevant documents electronically within a few days upon successful registration.

    What Documents Are Required for CAC Registration?

    The specific documents you’ll need may vary slightly, but here are the general requirements:

    • Valid ID Proof: Your government-issued ID card (National ID, Driver’s License, International Passport)
    • Proof of Business Address: Utility bill (electricity, water), tenancy agreement, or CAC acceptance letter (if applicable)
    • Passport photograph (optional): For some business structures
    • Any additional documents: These may be required depending on your chosen business structure (e.g., partnership agreement for partnerships)

    How Much Will It Cost to Register My Business on CAC?

    The CAC registration fee depends on the nature of your business and your chosen name reservation option (pre-name search or name reservation). The CAC registration fee typically falls within a range of ₦30,000 to ₦70,000 for PoS businesses.