CAC Threatens to Watchlist Fintechs Over Unregistered POS Operators

The Corporate Affairs Commission (CAC) has issued a stern warning, stating that it may place leading fintech companies, including Opay and Moniepoint, on a regulatory watchlist for allegedly enabling and onboarding unregistered Point of Sale (POS) operators across the country.

Dependable NG reports that the commission announced that any fintech firm found to be facilitating the activities of unregistered POS agents will be promptly reported to the Central Bank of Nigeria (CBN) for appropriate sanctions.

This enforcement notice was issued on Saturday as the CAC intensifies its nationwide clampdown on unregistered POS businesses. The action is mandated under the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations.

According to the public notice, the CAC 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 commission stated, highlighting the serious risks of fraud, financial losses, and cybercrime associated with unregulated operators.

The CAC emphasized that compliance with the registration requirement is mandatory ahead of the enforcement deadline.

The commission reaffirmed its commitment to cleaning up the agent banking sector, stating: “Fintechs enabling illegal operations will be placed on a watchlist and reported to the CBN.” It urged all POS operators to register immediately to avoid having their terminals seized or their businesses shut down by security officials tasked with enforcing the compliance.

Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has not yet released a formal statement regarding the new enforcement directive.