AMMBAN EXPLAINS WHY POS OPERATORS DON’T REQUIRE CAC REGISTRATION DESPITE DEADLINE

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By: Fasasi Hammad

The Association of Mobile Money and Bank Agents in Nigeria has clarified that its members are not required to register with the Corporate Affairs Commission to operate in the country.

Speaking with DAILY POST, the association’s General Secretary, Elegede Segun, explained that Point of Sale (POS) operators are permitted to function as non-entities.

He dismissed claims of illegal POS operators, stating that existing requirements such as Call Terminal Identification with the Nigeria Inter-Bank Settlement System Plc, bank accounts, Bank Verification Numbers, and National Identity Numbers provide sufficient regulatory oversight and security for POS operations in Nigeria.

“But what is puzzling is the CAC’s position, and we are still awaiting clarification from them. Why should POS operators be compelled to register their businesses?

“Is this requirement the same for other small businesses? Do wood sellers or paper grinders have to register before operating in Nigeria? The Companies and Allied Matters Act (CAMA) 2020 clearly provides that one can operate either as an individual or as a non-entity.

“As such, no one can be forced. Nigerian law allows individuals to conduct business independently or with partners. That is what the law stipulates.

“So, why is the CAC insisting that all POS operators must be registered? I have also heard claims, allegedly from CAC officials, that there are illegal POS operators. There is no such thing as illegal POS operators.

“A POS terminal is not something anyone can simply acquire and use freely. Before a POS operator can function in Nigeria, they must obtain a terminal ID from the Nigeria Inter-Bank Settlement System (NIBSS),” he told DAILY POST.

His remarks come after the CAC, in December, announced January 2026 as the deadline to begin enforcement actions against unregistered POS operators nationwide.

The CAC also warned that fintech companies supporting unregistered POS operators would face sanctions.