CAC to Place Opay, Moniepoint on Watchlist, Report Non-Compliant Fintechs to CBN
Nigeria’s Corporate Affairs Commission (CAC) has issued a fresh warning to major fintech firms amid rising concerns over the proliferation of unregistered Point-of-Sale (POS) agents across the country. The commission cautioned that fintech leaders such as Opay and Moniepoint risk being placed under strict regulatory monitoring for allegedly enabling operators who have failed to undergo mandatory registration.
In a notice obtained by PulseNets, the commission stressed that any fintech platform found facilitating the activities of unregistered POS agents will be immediately flagged and forwarded to the Central Bank of Nigeria (CBN) for sanctions in line with existing financial regulations.
The enforcement alert, released on Friday, forms part of the CAC’s intensified nationwide clampdown on unregistered POS businesses. The agency noted that its action aligns with the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations, both of which mandate proper business registration for financial agents.
According to details learnt from the notice, the CAC will commence the shutdown of all unregistered POS operators beginning January 1, 2026, marking the start of a strict enforcement phase.
The agency described the continued operation of unregistered POS agents—often aided by certain fintech providers—as a threat to public funds and the nation’s financial stability. “This reckless practice, often enabled by some fintech companies, puts Nigeria’s financial system and citizens’ investments at risk. This must stop,” the commission warned.
CAC officials further emphasized that fintech firms found guilty of supporting unregistered operators will not only face regulatory scrutiny but will also be escalated to the apex bank for disciplinary action. “Fintechs enabling unregistered operators will be placed on a watchlist and reported to the CBN,” the notice added.
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The commission urged all POS agents nationwide to regularize their registration without delay, insisting that compliance is non-negotiable ahead of the 2026 enforcement deadline.
As of press time, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has yet to react to the new regulatory directive, PulseNets learnt.
