CAC, EFCC partner to enforce registration of PoS operators nationwide. By Abibu Shehu Ibrahim
CAC, EFCC partner to enforce registration of PoS operators nationwide.
By Abibu Shehu IbrahimÂ
The Corporate Affairs Commission (CAC) and the Economic and Financial Crimes Commission (EFCC) have agreed to strengthen collaboration to ensure that all Point of Sale (PoS) operators across Nigeria comply with the mandatory business registration requirements.
The decision was reached during a meeting between the Chairman of the CAC Board, Senator Hussaini Ibrahim Idah, and the Chairman of the EFCC, Ola Olukoyede, in Abuja.
The CAC disclosed that despite existing regulations, only about 20 per cent of PoS operators have registered their businesses, a development it said contravenes the provisions of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations.
Speaking at the meeting, Senator Idah said the commission requires the support of the EFCC to improve compliance with the registration exercise and build a comprehensive database of PoS operators that can be accessed by security agencies during investigations.
He expressed concern that some criminal elements may be exploiting PoS terminals to facilitate illicit financial transactions, including the movement of ransom payments linked to kidnapping.
According to him, a reliable database of operators would enhance the ability of law enforcement agencies to trace suspicious transactions and curb financial crimes.
The CAC chairman noted that the mandates of both agencies are closely linked, explaining that while the commission is responsible for the registration and regulation of businesses, the EFCC investigates financial crimes.
He stressed the need for stronger collaboration, noting that some fraudsters use registered businesses as vehicles for fraud, money laundering and other criminal activities.
He added that the partnership would focus on information sharing, public awareness campaigns and capacity building through staff training.
Responding, EFCC Chairman Ola Olukoyede described unregulated PoS operations as a major threat to Nigeria’s financial system, warning that such operations could easily be exploited by criminal networks.
He pledged the commission’s full support for initiatives aimed at improving compliance with registration requirements and tackling financial crimes.
Olukoyede also described the CAC as a critical institution for Nigeria’s economic development, noting that it serves as the first point of contact for many foreign investors seeking to establish businesses in the country.
He disclosed that the EFCC has already established a dedicated desk to handle matters relating to the CAC, adding that investigations involving about 200 companies have so far yielded significant results.
The CAC had, in December 2025, directed all PoS operators to register their businesses before January 1, 2026, warning that defaulters could face sanctions, including the seizure of PoS terminals and closure of their businesses.
The registration exercise was initially announced in May 2024 and targeted PoS agents operating under fintech companies such as OPay, PalmPay and Moniepoint.
Despite several extensions of the registration deadline, the CAC said compliance has remained low, with only about 20 per cent of PoS operators registering their businesses nationwide.
