The Corporate Affairs Commission (CAC) has warned that it will blacklist fintech companies aiding the operations of unregistered Point of Sale (PoS) agents across Nigeria.
The Commission issued the warning in a statement on Saturday, nearly a year after initiating enforcement measures that included shutting down PoS businesses that failed to meet its September 5 registration deadline.
According to the CAC, it has observed a surge in PoS operators allegedly running without proper registration, in violation of CAMA 2020 and Central Bank of Nigeria (CBN) agent banking regulations. It noted that the trend, reportedly enabled by some fintech firms, poses risks to the nation’s financial system and to customers’ funds.
The Commission said the practice must end by January 1, 2026, stressing that no PoS operator will be allowed to operate without registration from that date. It added that security agencies will be mobilized to enforce compliance nationwide, with unregistered PoS terminals to be seized or shut down.
Fintech companies found facilitating unregistered operations will be placed on a watchlist and reported to the CBN.
The CAC urged all operators to regularize their registration immediately, reiterating that adherence to the directive is compulsory.
Last year, major fintechs—including OPay, Palmpay, and Moniepoint—were directed to ensure their PoS agents registered with the CAC by July 7, 2024. The deadline was later extended to September 5, 2024, with a warning that defaulters risked prosecution and possible closure.
However, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) rejected the directive, arguing that the CAC has no authority over individuals who are not operating as companies. AMMBAN said the matter is before the court, with a hearing scheduled for September.
The registration directive followed rising fraud incidents linked to PoS terminals, which accounted for 26.37% of fraud cases in 2023, according to the Nigeria Inter-Bank Settlement System (NIBSS).
CAC’s Registrar-General, Hussaini Magaji, maintained that the requirement is supported by Section 863(1) of CAMA 2020 and CBN’s 2013 agent banking guidelines. He said the measure aims to protect fintech businesses, their customers, and the broader economy.
