The Corporate Affairs Commission (CAC) has issued a stern warning to leading fintech companies in Nigeria; including Opay and Moniepoint over their alleged role in enabling unregistered Point of Sale (POS) operators nationwide.
In an enforcement notice released Friday, the commission said it will no longer tolerate fintech platforms onboarding or supporting POS agents who are not duly registered as business entities. Any fintech found breaching this requirement, it warned, will be placed on a regulatory watchlist and formally reported to the Central Bank of Nigeria (CBN) for sanctions.
The move comes as part of the CAC’s intensified nationwide clampdown on unregistered POS businesses, in line with the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations.
According to the notice, the commission will begin shutting down operations of all unregistered POS agents starting January 1, 2026.
“This reckless practice, often enabled by some fintech companies, puts Nigeria’s financial system and citizens’ investments at risk. This must stop,” the CAC stated.
The commission noted that the widespread use of unregistered POS businesses undermines regulatory oversight and exposes the financial ecosystem to fraud, money laundering, and other illicit activities.
It added that fintech firms that continue to facilitate such operations would face strict regulatory scrutiny.
“Fintechs enabling unregistered operators will be placed on a watchlist and reported to the CBN,” the commission warned.
The CAC urged all POS agents across the country to regularize their business registrations immediately, stressing that compliance is mandatory ahead of the 2026 deadline.
As of the time of this report, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has not issued a formal response to the enforcement notice.
Credit: Thefintechinsights.com
