The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has said Point of Sale (POS) operators are not required to register with the Corporate Affairs Commission (CAC) to lawfully conduct business, despite the looming enforcement deadline announced by the commission.
AMMBAN’s General Secretary, Mr. Elegede Segun, said POS operators could operate as individuals or non-entities under existing laws, arguing that compulsory CAC registration was not supported by the Companies and Allied Matters Act (CAMA) 2020.
He maintained that the law recognises business activity by individuals without the necessity of incorporation.
Segun dismissed claims that there were “illegal” POS operators in the country, noting that the sector is already tightly regulated through the banking system.
According to him, operators are required to obtain terminal identification from the Nigeria Inter-Bank Settlement System (NIBSS), maintain bank accounts, and be verified with Bank Verification Numbers (BVN) and National Identity Numbers (NIN), which he said provide sufficient oversight and traceability.
He questioned why POS operators were being singled out for mandatory registration, adding that many small-scale trades operate legally without CAC incorporation.
Segun said clarity was needed from the commission on the legal basis for enforcing registration on agents who function as individuals.
The AMMBAN official stressed that POS terminals are not freely available devices that can be deployed without scrutiny, noting that banks and payment service providers subject applicants to verification before terminals are issued.
His comments followed a December notice by the CAC, which set January 2026 as the deadline to begin a clampdown on unregistered POS operators nationwide.
The commission also warned that fintech firms enabling unregistered agents could face sanctions.