The Association of Mobile Money and Bank Agents in Nigeria has pointed to an ongoing legal dispute with the Corporate Affairs Commission (CAC) as the reason behind the low registration of Point of Sale (PoS) operators across the country. The Federal Government, through the CAC, had set a deadline for PoS companies to register agents and merchants in line with Central Bank of Nigeria directives aimed at curbing fraud and ransom payments.
Originally scheduled for July 7, 2024, the registration deadline was later extended to September 5, but compliance has been slow, sparking concerns from the CAC. In response, the association’s National President, Sarafadeen Fasasi, labelled the commission’s enforcement as “illegal,” arguing that the policy unfairly targets PoS operators and could set a troubling precedent for informal traders.
“We’re not just fighting for our members,” said Fasasi. “If they succeed with PoS, they’ll impose the same on traders in markets. This is not about fraud prevention—it’s about revenue.”
Despite the CAC’s insistence on the need for compliance, Fasasi maintains that the association’s court battle is key to protecting informal sector workers from burdensome regulations. The CAC has so far remained silent on the legal challenge, with its Director of Press, Dominic Inyang, declining to comment.
