The Corporate Affairs Commission (CAC) has issued another strong notice to fintech platforms in Nigeria, warning that any company enabling unregistered Point of Sale (PoS) operators will be blacklisted and reported to the Central Bank of Nigeria (CBN) for possible sanctions.

According to the Commission, the growing number of unregistered PoS agents poses a threat to financial stability and violates national regulatory standards.

Leading Fintechs on the Regulatory Radar

The CAC’s directive focuses on the country’s largest agent-banking networks run by Opay, Moniepoint, and Palmpay, which have expanded rapidly without strictly enforcing CAC registration.

Current industry estimates show:

• Opay works with over 563,000 agents (37% market share)
• Moniepoint manages about 303,000 agents (20% share)
• Palmpay has surpassed 500,000 agents nationwide

These three players dominate Nigeria’s 1.9 million-strong PoS ecosystem and are expected to lead compliance.

PoS Transactions Hit New Highs

The warning comes as PoS usage continues to surge. Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that PoS terminals processed ₦10.51 trillion in Q1 2025, representing a massive 301.67% increase year-on-year.

By March 2025:

• 8.36 million PoS terminals were registered
• 5.90 million were active

This growth further amplifies regulatory concerns over oversight and fraud.

Mandatory CAC Registration Effective January 1, 2026

Beginning January 1, 2026, the CAC stated that all PoS operators must be registered, and enforcement will be carried out by security agencies nationwide. Unregistered terminals risk confiscation or immediate deactivation.

The Commission emphasized that fintech companies must ensure their agents comply, as non-enforcement violates both the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations.

Renewed Enforcement After 2024 Stalemate

This latest directive marks the CAC’s second major push after its earlier 2024 deadline was resisted by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), which challenged the mandate in court.

The earlier enforcement attempt was later postponed amid legal and industry pushback.

Fintech Sector Faces Growing CBN Scrutiny

The threat of CBN involvement is significant, coming at a time when fintech companies are already subject to strict oversight.

In August 2025, the CBN introduced regulations mandating that all PoS terminals operate within 10 meters of their registered address to curb fraud.

CBN data showed that PoS systems accounted for 26.37% of all fraud cases recorded in 2023, prompting stronger compliance measures.