Dare Babalola
The Association of Mobile Money & Bank Agents in Nigeria (AMMBAN) has clarified that its members are not required to register with the Corporate Affairs Commission (CAC) to operate in the country.
AMMBAN’s General Secretary, Elegede Segun, told Daily Post that PoS operators can run their businesses without formal registration as entities.
He dismissed claims of illegal PoS operators, stating that existing regulations like Call Terminal ID, NIBSS registration, bank accounts, BVN, and NIN provide sufficient oversight for PoS businesses 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 stated.
His comments come as CAC in December set January 2026 as the deadline to clamp down on unregistered POS operators in Nigeria.
CAC further warned to sanction fintech companies enabling unregistered POS operators.
