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According to the Nigerian Association of Mobile Money and Bank Agents, its members are not required to register with the Corporate Affairs Commission in order to operate in the country.

Elegede Segun, the Association’s General Secretary, stated in an interview with DAILY POST that point-of-sale terminal operators might work as non-entities.

He denied the existence of illicit POS operators, claiming that the existing Call Terminal Identification with Nigeria Inter-Bank Settlement System Plc, Bank Account, Bank Verification Number, and National Identity Number provide adequate security for POS operators in Nigeria.

“But what is baffling is the issue with the CAC, and we are waiting for them to give us clarity. Let’s know, why would you enforce registration of businesses on POS operators?

“Is it the same with other businesses? For people who sell wood, for people who grind paper, must they register before they can function as a business in Nigeria? Because CAMA(Company and Allied Matter Act 2020) clearly states that you can exist either as an individual or as a non-entity.

“So, you cannot force anyone. You can still do business with your own partner in Nigeria. That is what the Nigerian law has stipulated.

“That’s not me. So, why is CAC saying that everybody doing POS must be registered? Don’t forget, I heard someone say, or maybe one or two people from the CAC said, that there are illegal POS operators. There’s nothing like illegal POS operators out there.

“Because a POS operator is not like a phone that you buy anywhere. Before a POS operator can be functional in Nigeria today, they must have gotten what we call a terminal ID from NIBSS”, he told ZINGTIE.

His comments come as the CAC set a January 2026 deadline for cracking down on unlicensed POS businesses in Nigeria.

CAC has threatened to punish fintech businesses that allow unlicensed POS operators.

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