The Affiliation of Cellular Cash & Financial institution Brokers in Nigeria has defined that its members don’t need Company Affairs Fee registration to function within the nation.
The Basic Secretary of the Affiliation, Elegede Segun, in an interview with DAILY POST, famous that operators of Level of Gross sales terminals can operate as non-entities.
He refuted claims that there are unlawful POS operators, saying that current Name Terminal Identification with Nigeria Inter-Financial institution Settlement System Plc, Financial institution Account, Financial institution Verification Quantity, and Nationwide Id Quantity are sufficient safety for POS operators in Nigeria.
“However what’s baffling is the problem with the CAC, and we’re ready for them to present us readability. Let’s know, why would you implement registration of companies on POS operators?
“Is it the identical with different companies? For individuals who promote wooden, for individuals who grind paper, should they register earlier than they’ll operate as a enterprise in Nigeria? As a result of CAMA(Firm and Allied Matter Act 2020) clearly states that you would be able to exist both as a person or as a non-entity.
“So, you can not pressure anybody. You possibly can nonetheless do enterprise with your individual accomplice in Nigeria. That’s what the Nigerian legislation has stipulated.
“That’s not me. So, why is CAC saying that everyone doing POS have to be registered? Don’t overlook, I heard somebody say, or perhaps one or two individuals from the CAC stated, that there are unlawful POS operators. There’s nothing like unlawful POS operators on the market.
“As a result of a POS operator just isn’t like a cellphone that you just purchase anyplace. Earlier than a POS operator will be useful in Nigeria right this moment, they should have gotten what we name a terminal ID from NIBSS”, he instructed DAILY POST.
His feedback come as CAC in December set January 2026 as the deadline to clamp down on unregistered POS operators in Nigeria.
CAC additional warned to sanction fintech companies enabling unregistered POS operators.
