CAC warns Opay, Moniepoint, threatens to report FinTechs to CBN over alleged infraction

*The Corporate Affairs Commission warns any FinTechs found supporting ‘unregistered’ Point of Sales operators will be placed under monitoring, and reported to the Central Bank of Nigeria, restating that registration compliance is mandatory ahead of the enforcement deadline January 1, 2026

Isola Moses | ConsumerConnect

Sequel to a nationwide clampdown on unregistered PoS businesses, the Corporate Affairs Commission (CAC) cautioned that it may place some leading FinTech companies, including Opay and Moniepoint, on its regulatory watchlist for allegedly enabling unregistered Point of Sale (PoS) operators across Nigeria.

ConsumerConnect reports the CAC, in a recent enforcement notice to industry stakeholders, said any FinTech firm found facilitating the activities of unregistered PoS agents would be reported to the Central Bank of Nigeria (CBN) for appropriate sanctions.

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The Commission also noted that it has intensified the ongoing nationwide clampdown on unregistered PoS businesses in the West African country.

The regulatory move is in accordance with the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s Agent Banking Regulations in the economy.

The notice further restated that the CAC would commence shutting down all unregistered PoS operators from January 1, 2026.

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It said: “This reckless practice, often enabled by some FinTech companies, puts Nigeria’s financial system and citizens’ investments at risk. This must stop.”

According to CAC, any FinTechs found supporting unregistered operators will be placed under monitoring and reported to the apex bank.

The CAC reiterated that “FinTechs enabling unregistered operators will be placed on a watchlist and reported to the CBN.”

As the deadline for registration approaches, the regulatory Commission urged all PoS operators to register immediately.

Compliance is mandatory ahead of the enforcement deadline.

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