Major financial technology companies such as Opay, Moniepoint and Palmpay are facing heightened scrutiny from Nigerian authorities as the Corporate Affairs Commission intensifies its oversight of point of sale operators across the country. The move follows concerns over irregular operations, opaque ownership structures and the rapid expansion of PoS businesses in urban and rural centres.
According to regulatory insiders, the CAC is examining whether the fintech companies that power a large share of Nigeria’s PoS market have fully complied with company registration guidelines and reporting obligations. Officials are also reviewing the activities of thousands of PoS agents who operate under these firms to assess whether they adhere to the required standards.
This development has placed significant pressure on the affected companies, many of which have become central to Nigeria’s cashless economy. Analysts say the renewed regulatory attention suggests the government is seeking more transparency and accountability within the fast growing digital payment industry.
Operators fear that stricter verification and compliance checks could slow down onboarding processes and reduce the flexibility that has enabled PoS businesses to thrive. However, regulators insist that oversight is essential to curb the misuse of PoS terminals for fraud, money laundering and unregistered financial activities.
Industry experts noted that PoS platforms have become essential to millions of Nigerians, especially in areas where banks have limited presence. Any disruption to their operations would have immediate implications for small traders and everyday consumers.
Fintech firms have responded by reaffirming their commitment to regulatory cooperation. Several companies said they are already improving their documentation processes and strengthening internal controls. They also pointed out that responsible regulation is necessary to sustain trust in the digital payment ecosystem.
Stakeholders expect that the CAC will announce further guidelines in the coming weeks. Until then, the sector remains watchful as Nigeria moves towards stricter governance of financial technology operations.
