The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) declared on January 6, 2026, that Point of Sale (PoS) operators require no Corporate Affairs Commission (CAC) registration, dismissing the agency's December 2025 deadline as legally flawed. AMMBAN National President Olusegun Eboka argued Central Bank of Nigeria (CBN) guidelines exempt individual agents operating under personal names, contradicting CAC's blanket demand under CAMA 2020.
CAC warned of terminal seizures and shutdowns for over 1.9 million agents handling ₦10.51 trillion quarterly citing fraud risks and weak KYC, but AMMBAN insists only non-individual businesses need formal registration. Past deadlines for OPay, Moniepoint agents extended from July to September 2024 amid portal failures, fueling non-compliance.
With no reported enforcement post-January 1 despite threats of security raids and fintech blacklisting, agents continue ₦300 billion monthly transactions unhindered. AMMBAN threatens legal action, highlighting CBN's 10-meter geofencing and N100,000 NIN-linked caps as sufficient safeguards.
The standoff pressures regulators amid Nigeria's cashless push, as 8.36 million terminals (5.9 million active) drive financial inclusion despite 20% fraud losses. Eboka urged CAC focus on 70% business mortality rates over agent harassment.