By David Akinmola
The Corporate Affairs Commission’s (CAC) directive mandating registration of all Point-of-Sale (PoS) operators by July 2026 has sparked mixed reactions across Nigeria’s fast-growing agent banking industry, with operators, fintechs and consumer groups sharply divided over its implications for financial inclusion and regulatory oversight.
The directive, issued in November, requires PoS agents including individuals operating under fintech platforms—to register as business entities with the CAC, obtain valid business names, and link their operations to their Bank Verification Number (BVN) or National Identification Number (NIN). According to the Commission, the move aims to curb rising fraud cases and strengthen traceability in the agent banking ecosystem.
But industry stakeholders say the blanket mandate risks driving thousands of small-scale agents out of business. Operators in rural and low-income communities argue that the added cost of registration, documentation and annual compliance could erode already-thin margins in an economy grappling with inflation and declining consumer spending.
Some agent networks and fintech partners have, however, welcomed the directive, saying it will professionalise the sector and create a more structured regulatory environment.
They note that the sector—which processes billions of naira in transactions monthly—has grown too large to remain informal, leaving room for fraudsters and untraceable operators.
Fintech associations have called for phased implementation, targeted waivers, and simplified registration channels to avoid disrupting financial-access gains recorded through agency banking in the past decade.
Analysts say the next few months will be crucial as the CAC works with agent networks, banks and regulators to refine the enforcement framework ahead of the 2026 deadline.
The outcome, they note, could reshape Nigeria’s agent-driven payments landscape and determine the pace of digital financial inclusion going forward.
