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CAC, EFCC Partner to Enforce PoS Registration Nationwide
The Corporate Affairs Commission (CAC) and the Economic and Financial Crimes Commission (EFCC) have agreed to collaborate more closely to enforce the registration of Point of Sale (PoS) operators nationwide, amid concerns that unregistered agents are facilitating financial crimes.
The move was announced during a courtesy visit by CAC Board Chairman Senator Hussaini Ibrahim Idah to EFCC Chairman Ola Olukoyede in Abuja.
Idah revealed that only 20% of PoS operators are registered, despite requirements under the Companies and Allied Matters Act (CAMA) 2020 and the CBN Agent Banking Regulations 2026.
“Presently, only about 20% of PoS operators are registered with CAC, a situation inconsistent with the law,” he said.
He warned that evidence shows PoS terminals are increasingly being used to move illicit funds, including ransom payments linked to kidnappings.
He called for a reliable database of PoS operators to aid EFCC and other law enforcement agencies in tracking suspicious transactions.
Idah stressed that fraudulent actors often exploit corporate entities to perpetrate crimes, making data sharing, public sensitisation, and staff training vital areas of cooperation between CAC and EFCC.
Responding, EFCC Chairman Olukoyede described unregulated PoS operators as a major challenge to Nigeria’s financial ecosystem.
“If you do not regulate the activities of such key players, you will be having major problems within your financial ecosystem,” he said.
He reaffirmed EFCC’s commitment to supporting CAC’s compliance drive, noting that the commission has already established a dedicated desk for CAC matters and is investigating about 200 companies with significant results.
The CAC had earlier set a deadline of January 1, 2026 for all PoS operators to register, warning that unregistered terminals would be seized.
Despite multiple extensions since 2024, compliance remains low, with only one-fifth of operators registered.
