Fintech Compliance Alert: CAC to Report Offending POS Operators to CBN – What You Need to Know

The Corporate Affairs Commission (CAC) has issued a stern warning to leading fintech companies, including Opay and Moniepoint, that they could be placed on a regulatory watchlist for facilitating unregistered Point of Sale (POS) operators across Nigeria.

In an enforcement notice released Friday, the CAC emphasized that any fintech firm found supporting unregistered POS agents will be reported to the Central Bank of Nigeria (CBN) for appropriate sanctions. The directive is part of the commission’s nationwide crackdown on unregistered POS businesses, in line with the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations.

The CAC has announced that all unregistered POS operators will be subject to closure starting January 1, 2026. The commission noted that enabling unregistered operators jeopardizes Nigeria’s financial system and poses risks to citizens’ investments, stressing the need for full compliance.

“Fintech companies found supporting unregistered operators will be placed on a monitoring watchlist and reported to the CBN,” the notice stated.

POS operators are urged to complete registration immediately to avoid sanctions and ensure alignment with regulatory requirements. The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has not yet issued a statement regarding the new directive.

This enforcement underscores the growing regulatory focus on fintech compliance and the need for financial service providers to maintain full adherence to legal standards.