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AMMBAN Decries Mandatory CAC Registration of POS Agents
Association of Mobile Money and Bank Agents of Nigeria (AMMBAN) has decried the directive coming from the Corporate Affairs Commission mandating all Point Of Sale (POS) agents to register with the commission.
At a press conference which was held over the weekend in Lagos, the group insisted that the reason tendered by the commission that the registration was to curb crime in the Fintech space was not tenable, maintaining that it was purely a revenue drive agenda.
In a paper read by the National General Secretary, Oluwasegun Elegbede on behalf of the President of the association, Fasasi Sarafsdeen Atanda said, “The Association of Mobile Money and Bank Agents of Nigeria (AMMBAN) strongly disagrees with the recent directive by the Corporate Affairs Commission (CAC) that all POS agents must register with it, regardless of their status as individuals or non-individuals. We believe this directive is unnecessary, contradictory to existing laws, and amounts to a mere revenue generation move to further tax hapless Nigerians.”
AMMBAN maintained that the reason that the directive was designed to curb crime in the financial space was not tenable. “We disagree with CAC’s claim that it wants to fight crimes in the agency agency banking business space through registration. We believe that the kind of crimes in the space are both human and technical, which CAC registration cannot fight.”
Referring to Section 18 (1) of CAMA which states that “A person may apply to the commission for the registration of a company” and section 22(1) states that “A company shall be deemed to be a separate legal entity from its members.”
The group insisted that what this means is that individuals and non-individuals (companies) have different legal statuses and requirements. Moreover, the CBN Policy on financial inclusion and development states that “agency banking services shall be provided by agents who are individuals or non-individuals (companies) registered with the CBN (Section 2.1).
“The group disclosed that the policy clearly recognized the distinction between individuals and non-individuals and does not require individuals to register with CAC,” the paper read.
AMMBAN disclosed that it has made and still making spirited efforts in combating the issue of crimes within their business space, and condemned the insistence of CAC to deploy the police to execute the directive against those who fail to register their business by July 7.
The group while denying allegation credited to the Economic and Financial Crimes Commission (EFCC) that AMMBAN members are colluding with bank staff to hoard cash or engage in buying and selling of cash. Aside asserting that the allegation was misleading, they also stated that it is damaging to the reputation of their members who are law-abiding citizens.
“Our association finds it criminal for anyone to buy and sell cash, as our role is to bring succour to the general populace at a very convenient cost to serve.” And they also called on the commission to endeavor to prove their case beyond reasonable doubt.
AMMBAN also categorically denied allegation that her members are responsible for scarcity of cash, adding that her members are also facing similar challenge because their agents are not given any preferences in accessing cash from the bank, saying, “it has been a long standing demand that the CBN categorize agencies into different tiers to enable them to have access to cash, rather than seeing them as individuals with a limit of N500000. This will help to address the current cash scarcity and promote financial inclusion.”
The group further said that they reject the CBN ‘s policy limiting multiple accounts/wallets to two. They added that the policy has crashed the agent network category and is an attack on financial inclusion. “We urge everyone to work together to promote financial inclusion and economic growth, rather than engaging in activities that can undermine the progress made so far.”
Chairman of AMMBAN, Fasasi Sarafadeen Atanda disclosed that their members have lost millions of jobs due to inconsistent policies in the Fintech space. “People are asking us why are we taking this step, we are taking this step to save millions of jobs in Nigeria, because it is not just about POS, it is actually beyond POS.
“We know the implications of most of these policies that are not well thought out and their impacts on the economy generally. As of today since the beginning of the cashless policy and the cash redesign policies last year, to the level of NIN and BVN linkage and then the recent policies of asking all agents to go and register with CAC, and lots of policies being dished out to providers internally via internal memo, such as restriction on how many accounts an agent can have, all these policies have led to the following statistics: We have lost over 1.5 million jobs in the last one year.”
He said there are over 3.7 million POS in circulation as of today, but the service providers were only able to deploy 2.7, leaving the gap of 1million POS amounting to a loss of 1million jobs in Nigeria.
He further added “Also agents that are utilizing Fintech solutions, they are utilizing mobile apps, they are utilizing websites, they are also exploring digital and Fintech solutions, that space alone is employing hundreds of jobs, in the form of app developers, UI, US Engineers and all others in that space, we have lost cumulatively 200,000 jobs.
He also stated that the aggregators were not left out in the policy summersaults. “And aggregators, we have about 217 registered Fintech companies in Nigeria and most of them are adopting the strategy of aggregators. Who are the aggregators or who are the agent network?
They are the people that are stepping down all the services of financial institutions. You have aggregators that are helping providers to deploy and manage US terminals and each and every one of these 217 registered Fintech, they have a minimum of a 1000 aggregators. So when you multiply a thousand with at least, 200 out of the 217, you can see the number of jobs that have been lost through that.”
He also said that Nigeria has lost a lot of foreign direct investment.
PalmPay, Nigeria’s leading digital banking platform, has announced the launch of its ₦400 million festive rewards campaign, designed to reward users with cash prizes and fully sponsored international travel experiences for everyday transactions on the PalmPay app.
The campaign will run from December 17, 2025, to January 8, 2026. The campaign is designed to reward everyday transactions with extraordinary experiences. It runs alongside PalmPay’s Purple December brand campaign, which focuses on wrapping up the company’s key brand and community initiatives for the year.
At the centre of the rewards campaign is the PalmPay World Travel Carnival, an interactive card collection experience that allows users to earn city cards by completing transactions on the app. Users are required to collect five city cards – London, New York, Dubai, Sydney, and Cape Town and combine them into a World Card, which unlocks a share of the prize pool.
The more World Cards a user creates, the larger their share of the cash rewards. Any extra uncombined cards can be swapped with friends and other PalmPay users to help complete additional World Cards.
Beyond cash rewards, the Carnival also offers Free Global Trips. In each round, the top two users with the highest number of eligible transactions (₦100 and above) and at least one World Card will win an all-expense-paid international trip.
The travel grand prize covers:
- Visa fees
- Round-trip international airfare
- 5-day, 4-night hotel accommodation
- Side attraction
- Meal expenses
- Airport pick-up and drop-off
- All transportation for scheduled tour activities during the trip
Winners will be determined through a transparent leaderboard system, with prizes credited automatically at the end of each round on December 25, December 31, and January 8.
Participation is simple:
- Complete tasks on the PalmPay app, such as Airtime, Data, Transfers, and other specific transactions listed in the app, to earn cards.
- Collect all five city cards.
- Swap cards with friends to complete your collection.
- Combine cards to form a World Card and earn cash rewards.
- Perform more transactions to climb the leaderboard for a chance at the global trip prize.
To ensure fairness, PalmPay has instituted strict rules: no cheating, bots, fake accounts, or manipulation. Any violations may lead to disqualification or account bans. Additionally, the Free Travel Prize is limited to one per user throughout the campaign.
Speaking on the launch, Femi Hanson, Head of Marketing & Communication, “This festive rewards campaign is about turning everyday banking into meaningful value for our users. With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank—where smart financial decisions unlock bigger opportunities.”
The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to conduct a nationwide energy survey aimed at closing long-standing data gaps in Nigeria’s power sector. The initiative is expected to guide policy, attract investment, and accelerate universal electricity access.
Signed in Abuja, the agreement establishes a National Energy Survey based on the Multi-Tier Tracking Framework (MTF), a globally recognized methodology that measures electricity access not only by grid connection but also by quality, affordability, reliability, and usage of electricity and clean cooking solutions.
The survey will be implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. Dr. Abba Aliyu, REA Managing Director/CEO, said the partnership underscores REA’s commitment to evidence-based rural electrification planning and will generate detailed insights on electricity access and off-grid solutions nationwide.
Prince Adeyemi Adeniran, Statistician-General of the Federation/CEO of NBS, emphasized that reliable statistics are essential for effective policymaking, assuring that NBS will provide technical oversight, sampling expertise, and quality assurance to meet global standards.
The survey will assess energy access, household affordability, expenditure patterns, and the adoption of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions. REA will provide sector expertise and policy alignment, while NBS manages regulatory approvals, methodology, and technical supervision.
Funded and technically overseen by the World Bank, the exercise will run for 18 months, with the resulting data expected to improve national energy planning, programme targeting, and private sector investment, particularly in underserved and rural communities.
Officials said the collaboration reflects the Federal Government’s commitment to strengthening inter-agency coordination, enhancing energy data availability, and advancing Nigeria’s goal of universal electricity and clean cooking access.
The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), the nation’s foremost self-regulatory body for the blockchain industry, has completed its election cycle, heralding the beginning of a new executive council dedicated to scaling Nigeria’s digital economy.
The highly anticipated elections concluded recently with the emergence of a new leadership team poised to champion industry standards, foster innovation, and drive widespread adoption of blockchain technology across the country.
The newly elected executives, who will officially assume their roles in January 2026, represent a blend of legal, financial, and technical expertise critical for navigating the evolving regulatory landscape.
Leading the charge is Mela Claude-Ake, a lawyer, who has been elected the President of SiBAN to succeed the outgoing President, Obinna Iwuno, whose tenure was marked by significant achievements, including facilitating crucial reforms and forging strategic partnerships with regulators and other critical stakeholders in the digital asset industry. Mr. Iwuno will formally hand over the reins to the new council in January 2026.
Other elected to the executive council are Chimene Chinah – Vice President 1, in charge of Blockchain education and adoption; Oroke Cornelius – Vice President 2, in charge of membership, strategic partnerships, and funding; and Ayo Shonibare – Vice President 3, in charge of policy, regulation, and ethics.
Others are Ugochukwu Peters – Vice President 4 in charge of digital asset operations and capital markets, Mbene Vivian – Chief strategy officer in charge of projects and incubation, Olufunmilayo Tugbobo as Financial Secretary/Chief Financial Officer, and Chiemeka David Ohajionu as Chief Communications Officer.
The newly elected council’s structure reflects SiBAN’s commitment to addressing key pillars of the blockchain ecosystem: from grassroots education and fostering innovation through projects, to establishing robust regulatory frameworks.
In his acceptance speech, Mela Claude-Ake emphasized the vital role SiBAN plays in shaping the future of finance and technology in Nigeria.
“The trust placed in this new council is not one we take lightly. We inherit a great foundation built by the outgoing team. Our mission now is to accelerate. We stand at a critical juncture where the potential of blockchain to revolutionize every sector, from finance and governance to supply chain, is undeniable. This new council will focus relentlessly on advancing smart, collaborative regulation, democratizing blockchain education, and protecting the interests of all stakeholders to ensure that Nigeria remains a leader in the African digital economy space,” he assured.
He added that he is humbled by the opportunity to be the face of one of Nigeria’s youngest and most promising sectors — blockchain tech.
“As a tech enthusiast I am excited at the possibilities. The ecosystem needs careful nurturing by the government. My administration will be focused on building new bridges for the blockchain sector internationally and domestically, establishing trust with the public and unifying the sector. I enjoin all blockchain stakeholders in Nigeria, connected to Nigeria or of nigerian heritage to join hands together with my administration in building the industry of our dreams.”
The industry now looks forward to the handover ceremony in January 2026 and the initiatives the new SiBAN leadership will unveil to solidify the association’s role as a catalyst for innovation and a respected partner to the Nigerian government.
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