The Corporate Affairs Commission (CAC), has issued a strong warning that leading fintech companies—including OPay and Moniepoint—risk being placed on a regulatory watchlist for allegedly enabling the operations of unregistered Point of Sale (POS), agents across Nigeria.
In a new enforcement notice released on Friday, the Commission stated that any fintech platform found facilitating the activities of unregistered POS operators will be reported to the Central Bank of Nigeria (CBN), for appropriate regulatory sanctions.
The notice is part of an intensified nationwide crackdown designed to restore compliance within Nigeria’s rapidly expanding agent-banking and financial technology ecosystem.
According to the CAC, the enforcement drive aligns with provisions of the Companies and Allied Matters Act (CAMA), 2020 as well as the CBN’s Agent Banking Regulations, both of which mandate formal registration and proper oversight of POS operators.
January 1, 2026: Deadline for Unregistered Operators
The Commission declared that beginning January 1, 2026, it will commence the shutdown of all unregistered POS terminals and businesses operating outside statutory requirements.
Describing the proliferation of unregistered POS operators as a significant threat, the CAC condemned what it called a “reckless practice” frequently supported—knowingly or otherwise—by fintech firms.
“This reckless practice, often enabled by some fintech companies, puts Nigeria’s financial system and citizens’ investments at risk. This must stop,” the Commission warned.
The CAC stressed that fintech providers who onboard or continue to support unregistered POS agents will face stern consequences.
“Fintechs enabling unregistered operators will be placed on a watchlist and reported to the CBN,” the statement added.
Fintechs Under Scrutiny: What the Watchlist Means
If placed on the CAC regulatory watchlist, companies like OPay and Moniepoint could face:
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Increased scrutiny of their agent-onboarding processes
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Closer monitoring of compliance with KYC and operational standards
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Possible sanctions or corrective directives from the Central Bank
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Reputational risks that may affect investor confidence or customer trust
The move signals a tougher era of regulation for Nigeria’s fintech sector—one that prioritizes transparency, customer protection, and systemic financial stability.
POS Operators Urged to Register Immediately
The CAC’s message to POS operators is clear: register or risk shutdown.
The Commission emphasized that registration is not optional and urged operators to complete the necessary documentation ahead of the enforcement deadline.
For thousands of POS agents nationwide—especially those operating informally—the directive represents a critical turning point. Registration will determine whether they remain in business or face terminal seizure and prosecution.
Industry Reaction: AMMBAN Yet to Comment
Despite the sweeping nature of the directive, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN)—the umbrella body representing POS agents—has not yet issued an official response.
Stakeholders expect the association to react in the coming days, given the potential impact on its members and the larger agent-banking structure.
Broader Implications for Nigeria’s Financial Ecosystem
The crackdown underscores growing concerns about fraud, money laundering, and unregulated financial transactions within the POS ecosystem. It also signals heightened cooperation between the CAC and CBN to ensure that all players in the financial system operate within the law.
While the policy could strengthen Nigeria’s financial integrity in the long term, analysts warn of possible short-term disruptions—especially in rural and underserved areas where POS operators serve as the primary access point for cash withdrawals and deposits.
Conclusion
With the enforcement deadline approaching, both POS operators and fintech companies are under pressure to meet regulatory requirements. For the fintech sector—often celebrated for driving financial inclusion—this moment marks a critical test of compliance, accountability, and institutional maturity.
The CAC’s message is unambiguous: the era of informal, unregistered POS operations is coming to an end, and those who enable them—whether agents or fintech giants—will be held responsible.
