The Association of Mobile Money and Bank Agents in Nigeria has clarified that its members are not required to register with the Corporate Affairs Commission (CAC) to operate in the country. According to the association’s General Secretary, Elegede Segun, operators of point‑of‑sale (POS) terminals can function as non‑entities under the Companies and Allied Matters Act 2020 (CAMA). Segun emphasized that existing security measures—such as terminal identification with the Nigeria Inter‑Bank Settlement System Plc, bank account details, Bank Verification Number, and National Identity Number—are sufficient for POS operators in Nigeria. He disputed claims that there are illegal POS operators, stating that the current requirements already ensure legitimacy.
The General Secretary questioned the need for CAC registration, drawing comparisons with other businesses that do not require registration, such as those selling wood or grinding paper. He argued that Nigerian law permits individuals to conduct business without mandatory registration and that forcing POS operators to register would be inconsistent with this principle.
These comments come as the CAC has set a deadline of January 2026 to crack down on unregistered POS operators and has warned it will sanction fintech companies that enable them. The move has sparked debate about the requirements for POS operators and highlights the complexities surrounding the regulation of mobile‑money and banking agents in Nigeria. The association maintains that the current security measures are adequate and that additional registration requirements would be unnecessary.
The Nigerian government has been working to increase financial inclusion and expand access to banking services, particularly in rural areas. POS terminals have played a significant role in this effort, allowing individuals and businesses to conduct transactions easily. The ongoing discussion about registration requirements for POS operators is an important aspect of the broader push to promote financial inclusion and stability. As the deadline approaches, it remains to be seen how the situation will unfold and what implications it may have for the industry.
Comments are closed for this story.