The Association of Mobile Money & Bank Agents in Nigeria has clarified that its members are not required to register with the Corporate Affairs Commission to operate within the country.
The General Secretary of the Association, Elegede Segun, stated in an interview with DAILY POST that operators of Point of Sales terminals can function as non-entities.
He dismissed allegations of illegal POS operators, asserting that the existing Call Terminal Identification with Nigeria Inter-Bank Settlement System Plc, Bank Account, Bank Verification Number, and National Identity Number provide sufficient security for POS operators in Nigeria.
“What is perplexing is the matter concerning the CAC, and we are awaiting their clarification. We need to understand why registration is being enforced on POS operators,” he said.
“Is this requirement applicable to other businesses? For individuals who sell wood or those who grind paper, must they register before they can operate as a business in Nigeria? The CAMA (Companies and Allied Matters Act 2020) clearly states that one can exist either as an individual or as a non-entity.”
“Therefore, no one can be compelled to register. You can still conduct business with your partner in Nigeria, as stipulated by Nigerian law.”
“That’s not my position. So, why is the CAC insisting that everyone involved in POS must be registered? It is worth noting that I have heard someone mention, or perhaps one or two individuals from the CAC claimed, that there are illegal POS operators. However, there is no such thing as illegal POS operators.”
“A POS operator is not like a phone that can be purchased anywhere. To become operational in Nigeria today, a POS operator must obtain a terminal ID from NIBSS,” he told DAILY POST.
His remarks follow the CAC's announcement in December that January 2026 would be the deadline for compliance in Nigeria.
The CAC also warned against enabling unregistered POS operators.
Table of Contents
- Association Explains Registration Requirements
- General Secretary's Comments
- Dismissal of Illegal Operators Claims
- CAC Announcement
FAQ
Do POS operators in Nigeria need to register with the Corporate Affairs Commission?
No, according to the Association of Mobile Money & Bank Agents, POS operators do not require registration with the CAC to operate in Nigeria.
What security measures are in place for POS operators?
POS operators are required to have a Call Terminal Identification, a Bank Account, a Bank Verification Number, and a National Identity Number, which provide sufficient security.
What is the deadline set by the CAC for POS operators?
The CAC has set January 2026 as the deadline for compliance regarding the registration of POS operators in Nigeria.
Eze Chidiebere Paul
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