The Association of Mobile Money and Bank Agents in Nigeria has clarified that Point of Sales operators are not legally required to register with the Corporate Affairs Commission to operate in the country.
According to the association’s General Secretary, Elegede Segun, Nigerian law permits individuals to run businesses as non entities under the Company and Allied Matters Act. He dismissed claims of illegal POS operators, stressing that terminal identification from NIBSS, bank accounts, BVN and NIN already provide adequate regulation and security.
Segun questioned why POS operators are being singled out for compulsory CAC registration when many small scale businesses operate legally without it. His comments come as the CAC deadline to sanction unregistered POS operators expires, a move that has sparked concern across the fintech and agent banking sector.
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