The Corporate Affairs Commission (CAC) has issued a stern warning to major financial technology companies in Nigeria, threatening to report them to the Central Bank of Nigeria (CBN). The commission alleges that firms like OPay, Moniepoint, and Palmpay are enabling the operations of unregistered Point of Sale (PoS) agents across the country.
Fresh Deadline and Enforcement Action
In an enforcement notice issued on Friday, December 5, 2025, the CAC reiterated its stance that all PoS operators must register their businesses. The commission has set a fresh deadline of January 2026 for compliance. According to the CAC, any operator who fails to register by this date will face legal consequences.
The commission stated that this crackdown is part of a nationwide effort to bring order to the sector. It emphasized that the move aligns with the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations.
Fintech Firms Face Watchlist and CBN Scrutiny
The CAC's warning takes direct aim at fintech companies that provide platforms for PoS services. The commission accused some of these firms of engaging in a "reckless practice" that it claims puts Nigeria's financial system and citizens' investments at risk.
"This must stop," the commission declared. It further warned that any fintech company found to be aiding or supporting unregistered PoS operators will be placed on a watchlist. Subsequently, their details will be escalated to the Central Bank of Nigeria for further regulatory action.
The CAC explicitly stated that enforcement actions, including the shutdown of unregistered operations, will commence from January 1, 2026.
Industry Reactions and Broader Implications
At the time of the announcement, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) had not issued an official response. However, financial experts and analysts have begun to voice concerns over the potential impact of the CAC's threats.
Financial analyst Osas Igho criticized the government's approach, questioning, "Where is the job? Why does the Nigerian government always respond to novel ideas with fear and threats?" He warned that a clampdown could worsen unemployment and insecurity while destabilizing the vital informal sector.
Igho suggested that instead of threats, the government should focus on education and improving the business registration process. He cited previous technical failures, like when the CAC's registration portal was down for weeks, which frustrated many aspiring business owners.
This development follows earlier reports by Legit.ng regarding an increase in SMS alert fees by Mobile Money Operators, including the mentioned fintech firms, which took effect from June 1, 2025.
