CAC warns fintechs, threatens to shut down unregistered POS operators nationwide
The Corporate Affairs Commission (CAC) has issued a stern warning to leading fintech companies, including Opay and Moniepoint, over allegations of enabling unregistered Point of Sale (POS) operators across Nigeria. The commission said any fintech firm found facilitating such activities will be reported to the Central Bank of Nigeria (CBN) for sanctions.
The warning, contained in an enforcement notice issued on Friday, comes as the CAC steps up a nationwide clampdown on unregistered POS businesses. The commission noted that its actions are guided by the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations.
In the notice, the CAC said it will begin shutting down all unregistered POS operators from 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 statement said.
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has yet to comment on the enforcement directive.
The CAC’s move highlights growing regulatory scrutiny on fintech operations in Nigeria, particularly in ensuring compliance with formal registration and safeguarding financial stability.
