The Corporate Affairs Commission (CAC) has ordered fintech companies to stop supporting Point of Sale (PoS) operators who run without registration under the Companies and Allied Matters Act (CAMA) 2020 and Central Bank of Nigeria (CBN) agent-banking rules.
The Commission said the warning takes effect on January 1, 2026 and confirmed that security agencies will begin nationwide enforcement. It added that unregistered PoS terminals will be seized and operators shut down, while fintech companies enabling the violations will be placed on a watchlist and reported to the CBN.
The CAC noted that the rising number of unregistered PoS agents is partly driven by fintech platforms that allow operators to bypass statutory requirements. It said the practice endangers Nigeria’s financial system and exposes users to fraud and investment risk.
The Commission restated that all PoS operators must complete registration immediately. It described compliance as mandatory and said enforcement will be strict.
The enforcement push follows a process that began last year. The Registrar-General of the CAC, Hussaini Magaji, announced in May that PoS agents for major fintech brands—including OPay, PalmPay and Moniepoint—had until July 7, 2024 to register. That deadline was later extended by 60 days to September 5, 2024, with a warning that violators risk prosecution and business closure.
The regulatory action has faced resistance. The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) argued that the requirement contradicts CAMA provisions. Its General Secretary, Oluwasegun Elegbede, said the matter is now before the court, which is expected to determine whether individual sub-agents qualify as entities requiring CAC registration. Hearing was scheduled for September.
The registration mandate aligns with efforts to curb fraud involving PoS terminals and reduce the use of cryptocurrency and virtual currencies in illicit transactions. Data from the Nigeria Inter-Bank Settlement System (NIBSS) Plc shows that PoS channels accounted for 26.37 percent of fraud incidents in 2023.
Magaji has maintained that the directive is supported by Section 863(1) of CAMA 2020 and by the CBN’s 2013 agent-banking guidelines. He said the registration is designed to protect fintech businesses, secure customer transactions and reinforce economic stability.
