The Association of Mobile Money & Bank Agents (AMMBA) has clarified that operators of Point of Sale (POS) terminals in Nigeria are not required to register with the Corporate Affairs Commission (CAC) to operate legally.
In an interview with DAILY POST, AMMBA General Secretary Elegede Segun said existing regulatory requirements, including Terminal Identification from the Nigeria Inter-Bank Settlement System (NIBSS), bank accounts, Bank Verification Numbers (BVN), and national identity numbers, provide sufficient security for POS operators.
Segun dismissed claims of “illegal” POS operators, emphasizing that registration with CAC is not mandatory under Nigerian law. “CAMA 2020 clearly states that you can exist either as an individual or as a non-entity. You cannot be forced to register to do business,” he explained.
He questioned the rationale behind CAC’s directive for POS operator registration, comparing it with other businesses like wood sellers or paper grinders who can operate without formal registration. “Why must POS operators be treated differently?” he asked.
The clarification comes after CAC announced in December 2025 that unregistered POS operators would face sanctions starting January 2026 and warned fintech companies against enabling such operators.
Segun urged for clearer guidelines from CAC, adding, “Before a POS operator can be functional in Nigeria, they must obtain a terminal ID from NIBSS. There is no such thing as an illegal POS operator under the current framework.”
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