The Corporate Affairs Commission (CAC) has issued a caution that it may place prominent fintech entities, such as Opay and Moniepoint, under surveillance for allegedly facilitating the operations of unregistered Point of Sale (POS) agents nationwide.
The commission stated that any fintech organization found to be aiding the activities of these unregistered POS representatives will face notifications to the Central Bank of Nigeria (CBN) for suitable penalties.
This information was unveiled in an enforcement notice disseminated on Friday, as the CAC escalates its comprehensive crackdown on unauthorized POS enterprises. This initiative aligns with the Companies and Allied Matters Act (CAMA) 2020 along with the CBN’s Agent Banking Regulations.
Per the notice, the CAC will commence the closure of all unregistered POS operators starting January 1, 2026.
“This reckless behavior, frequently supported by some fintech firms, jeopardizes Nigeria’s financial framework and the investments of its citizens. This must cease,” the commission declared.
The CAC reinforced that any fintech found endorsing unregistered operators will be placed under scrutiny and reported to the apex financial institution.
“Fintechs facilitating unregistered operators will be added to a watchlist and reported to the CBN,” the CAC further stated.
The commission has urged all POS operators to undergo immediate registration, emphasizing that adherence is non-negotiable prior to the enforcement deadline.
In the meantime, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has yet to respond to the recent enforcement directive. to Monitor Opay, Moniepoint, and Report Fintechs to CBN
