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 legally operate in Nigeria.
AMMBAN’s General Secretary, Elegede Segun, explained that Point of Sale (POS) operators are permitted under Nigerian law to operate as individuals or non-entities.
He dismissed claims about the existence of illegal POS operators, stressing that requirements such as Call Terminal Identification from the Nigeria Inter-Bank Settlement System (NIBSS), a valid bank account, Bank Verification Number (BVN), and National Identity Number (NIN) already provide sufficient regulation and security for operators.
Segun questioned the rationale behind CAC’s insistence on compulsory registration for POS operators, noting that the Companies and Allied Matters Act (CAMA) 2020 allows individuals to conduct business without formal registration. He argued that many small-scale businesses across the country operate legally without CAC registration.
According to him, every POS terminal must first obtain a terminal ID from NIBSS before becoming operational, making the claim of “illegal POS operators” unfounded.
His remarks follow CAC’s announcement in December setting January 2026 as the deadline to clamp down on unregistered POS operators nationwide. The commission also warned fintech companies against supporting unregistered POS agents.