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 Sales (POS) terminals can function as non-entities, citing the Company and Allied Matter Act 2020 (CAMA).
Segun emphasized that existing security measures, including Terminal Identification with the Nigeria Inter-Bank Settlement System Plc, Bank Account, Bank Verification Number, and National Identity Number, are sufficient for POS operators in Nigeria. He disputed claims of illegal POS operators, stating that the current requirements are enough to 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 the Nigerian law allows individuals to conduct business without mandatory registration, and that forcing POS operators to register would be inconsistent with this principle.
The comments come as the CAC has set a deadline of January 2026 to crack down on unregistered POS operators in Nigeria. The commission has also warned that it will sanction fintech companies that enable unregistered POS operators. This move has sparked debate about the requirements for POS operators in the country.
The issue highlights the complexities surrounding the regulation of mobile money and banking agents in Nigeria. The association’s stance is that the current security measures in place are adequate, and that additional registration requirements would be unnecessary. As the deadline approaches, it remains to be seen how the situation will unfold and what implications it may have for the industry.
The Nigerian government has been working to increase financial inclusion and expand access to banking services, particularly in rural areas. The use of POS terminals has played a significant role in this effort, allowing individuals and businesses to conduct transactions easily. The ongoing discussion around registration requirements for POS operators is an important aspect of this broader effort to promote financial inclusion and stability.
