The Corporate Affairs Commission (CAC) has issued a strong warning to major fintech companies, particularly Opay and Moniepoint, stating that they risk being placed on its regulatory watchlist for allegedly enabling the operations of unregistered Point of Sale (POS) agents across Nigeria.
In an enforcement notice released on Friday, the CAC said it will also report any non-compliant fintech to the Central Bank of Nigeria (CBN) for possible sanctions.
The move comes as the commission intensifies a national clampdown on unregistered POS businesses in accordance with the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations.
The commission reiterated its earlier directive that all unregistered POS operators will be shut down beginning January 1, 2026, urging operators to comply immediately to avoid disruptions.
According to the enforcement notice:
“This reckless practice, often enabled by some fintech companies, puts Nigeria’s financial system and citizens’ investments at risk. This must stop.”
The CAC stressed that fintech platforms found onboarding or supporting unregistered POS agents would be monitored closely and placed on a regulatory watchlist.
Such companies would then be formally reported to the CBN for additional disciplinary measures.
The commission warned that compliance is mandatory, not optional, and it expects fintech companies to enforce rigorous onboarding verification for all POS agents on their networks.
Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has yet to issue an official statement in response to the enforcement directive, despite concerns among agents regarding operational and financial implications.
The development is expected to reshape Nigeria’s fast-growing agent-banking ecosystem, which has become a critical layer in the country’s cash-light economy.
