AMMBAN says POS operators don’t need CAC registration as deadline ends

By Lanre Idris Mustapha 

The Association of Mobile Money & Bank Agents in Nigeria (AMMBAN) has clarified that Point of Sale (POS) operators do not need Corporate Affairs Commission (CAC) registration to function legally in the country. (Daily Post)

AMMBAN’s General Secretary, Elegede Segun, said existing security measures such as Call Terminal Identification from the Nigeria Inter-Bank Settlement System (NIBSS), bank accounts, Bank Verification Numbers (BVN), and National Identity Numbers are sufficient for POS operations.

Segun described claims of illegal POS operators as misleading, noting that the CAC requirement for registration is unnecessary for individuals operating terminals. “CAMA 2020 clearly states that businesses can exist as individuals or non-entities,” he said. “POS operators already follow regulatory processes through banks and NIBSS. There is no ‘illegal POS operator’ in Nigeria.”

He questioned the rationale behind the CAC enforcement, comparing POS operators to ordinary small businesses such as wood sellers or local service providers who are not required to register formally to operate.

The clarification comes after the CAC set January 2026 as a deadline to clamp down on unregistered POS operators, warning that fintech companies enabling non-compliant operators could face sanctions. Segun said the association is awaiting official guidance from the CAC to resolve any confusion.

AMMBAN urged stakeholders, including fintech firms and banks, to continue collaborating with POS operators within the existing regulatory framework.

The association emphasized that the POS ecosystem remains secure and regulated under financial authorities, ensuring consumer protection and compliance without CAC registration.