CAC Threatens to Report Opay, Moniepoint, Palmpay, Others to CBN Over Unregistered PoS Operators
- Opay, Moniepoint, Palmpay may soon face the wrath of the Central Bank of Nigeria (CBN) over the activities of PoS operators
- The Corporate Affairs Commission (CAC) has warned that it will place the fintech firms on a watchlist and report them to the CBN
- The commission issued the warning after giving a fresh deadline to PoS operators to register their operations
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Corporate Affairs Commission (CAC) has warned that financial technology companies, including Opay, Moniepoint, Palmpay and others, may be reported to the Central Bank of Nigeria (CBN) for allegedly enabling unregistered Point of Sale (PoS) operators across the country.
A previous report by Legit.ng revealed that the commission set January 2026 as the deadline for PoS operators to register their businesses or risk arrest.
Source: UGC
CAC to shut down unregistered PoS operators
According to the CAC, any PoS operator that fails to comply with the registration requirement by January will face legal action.
The commission said fintech companies found supporting or enabling unregistered PoS agents will also face consequences.
In an enforcement notice issued on Friday, December 5, 2025, the CAC said the warning is part of its ongoing nationwide crackdown on unregistered PoS operators.
CAC warns fintech firms, cites CAMA, CBN regulations
The commission explained that the latest enforcement aligns with the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations.
It added that it will begin shutting down all unregistered PoS operators from January 1, 2026.
The CAC said:
“This reckless practice, often enabled by some fintech companies, puts Nigeria’s financial system and citizens’ investments at risk. This must stop.”
It noted that any fintech company found aiding unregistered operators will be placed on a watchlist and reported to the CBN for further action.
PoS operators yet to respond
The commission reiterated that fintech firms enabling unregistered PoS agents will be escalated to the financial regulator.
It also urged all PoS operators to immediately register their businesses, stressing that compliance is mandatory ahead of the enforcement deadline.
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has not yet issued a response to the new directive.
Meawhile, experts have warned that the new threats by CAC to clampdown on PoS operators will worsen unemployment and insecurity and distabilise the informal sector.
"Where is the job? Why does the Nigerian government always respond to novel ideas with fear and threats?" Osas Igho, a financial analyst said.
Instead of threatening a shutdown, why don't you educate and provide easy access to online business registration first," he said.
Igho cited the period when the CAC's registration portal shutdown for weeks and frustrated business registration.
Source: Twitter
"A lot of Nigerians gave up their dreams of operating businesses due to the portal's downtime, which lasted weeks, if not months," he said.
PoS operators to raise charges
Legit.ng earlier reported that Mobile Money Operators (MNOs) such as Opay, Palmpay, Moniepoint, and others have announced an increase in SMS alert fees, starting June 1, 2025.
The financial technology companies disclosed that the move was due to the 50% increase in tariffs by telecommunication companies.
A message from one of the fintech firms, Palmpay, said the new charges began on Sunday, June 1, 2025. The Nigerian Communications Commission (NCC) announced a 50% tariff increase for telecom companies, effective March 1, 2025.
Source: Legit.ng
