The Corporate Affairs Commission (CAC) of Nigeria has warned 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 nationwide. This action is part of the CAC’s broader effort to clamp down on unregistered POS businesses in accordance with the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s (CBN) Agent Banking Regulations.
The CAC states that any fintech firm found to be enabling unregistered POS agents will be reported to the CBN for appropriate sanctions. It has announced that, starting 1 January 2026, all unregistered POS operators will be shut down. The commission emphasizes that allowing unregistered operators to function jeopardizes Nigeria’s financial system and the investments of its citizens.
All POS operators are urged to register immediately, as compliance is mandatory before the enforcement deadline. Fintech companies that continue to support unregistered operators will be placed under monitoring and reported to the CBN. The enforcement notice, issued on Friday, serves as a warning to all stakeholders to meet regulatory requirements.
The CAC’s actions aim to ensure that every POS operator is registered and compliant with relevant regulations, thereby protecting the country’s financial system and investors. This move is viewed as a significant step toward 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 directive. As the CAC intensifies its regulation of the POS industry, stakeholders are advised to take the necessary steps to comply and avoid sanctions. The 1 January 2026 deadline serves as a clear reminder for all POS operators to register and adhere to the applicable regulations.
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