The Corporate Affairs Commission (CAC) of Nigeria has issued a warning to leading fintech companies, including Opay and Moniepoint, that they may be placed on a regulatory watchlist for allegedly facilitating the activities of unregistered Point of Sale (POS) operators across the country. This move is part of the commission’s efforts to clamp down on unregistered POS businesses, in line with the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s (CBN) Agent Banking Regulations.
According to the CAC, any fintech firm found to be enabling unregistered POS agents will be reported to the CBN for appropriate sanctions. The commission has announced that it will begin shutting down all unregistered POS operators from January 1, 2026, emphasizing that the practice of allowing unregistered operators to function puts Nigeria’s financial system and citizens’ investments at risk.
The CAC has urged all POS operators to register immediately, stating that compliance is mandatory ahead of the enforcement deadline. Fintech companies that continue to support unregistered operators will be placed under monitoring and reported to the CBN. The commission’s enforcement notice, issued on Friday, serves as a warning to all stakeholders to comply with regulatory requirements.
The CAC’s actions are aimed at ensuring that all POS operators are registered and compliant with relevant regulations, thereby protecting the country’s financial system and citizens’ investments. The commission’s move is seen as a significant step towards promoting a secure and regulated financial environment in Nigeria.
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has not yet commented on the new enforcement directive. As the CAC intensifies its efforts to regulate the POS industry, stakeholders are advised to take necessary steps to comply with regulatory requirements to avoid sanctions. The enforcement deadline of January 1, 2026, serves as a reminder to all POS operators to register and comply with relevant regulations to avoid being shut down.