The Corporate Affairs Commission (CAC) and the Economic and Financial Crimes Commission (EFCC) have agreed to deepen their collaboration to enforce the registration of Point of Sale (PoS) operators nationwide, citing concerns that unregistered operators may be facilitating financial crimes.
The partnership was announced on Thursday during a courtesy visit by the Chairman of the CAC Board, Senator Hussaini Ibrahim Idah, to the EFCC Executive Chairman, Ola Olukoyede, at the anti-graft agency's headquarters in Abuja.
Idah disclosed that only about **20%** of PoS operators in the country are currently registered with the CAC, despite regulatory requirements mandating business registration. He noted that the situation violates the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria's Agent Banking Regulations 2026, both of which require all businesses operating under a business name to be registered.
"Presently, only about 20% of PoS operators are registered with CAC, a situation inconsistent with the Companies and Allied Matters Act, CAMA 2020, and the Central Bank of Nigeria Agent Banking Regulations 2026," Idah said.
The CAC chairman warned that emerging evidence suggests PoS terminals are increasingly being used to move illicit funds, including ransom payments linked to kidnapping incidents. He called for closer cooperation in developing a reliable database of PoS operators for use by the EFCC and other law enforcement agencies.
"Furthermore, Mr. Chairman, we seek closer cooperation in developing a reliable database of PoS operators for use by the EFCC and other law enforcement agencies," Idah said, adding that a comprehensive database would strengthen investigations and improve the ability of security agencies to track suspicious transactions.
Idah emphasised that both institutions have interconnected mandates. While the CAC is responsible for registering and regulating companies, the EFCC investigates and prosecutes economic and financial crimes. He identified data and intelligence sharing, public sensitisation, and staff capacity building as key areas for collaboration.
Responding, EFCC Chairman Ola Olukoyede described the activities of unregulated PoS operators as a major challenge within Nigeria's financial ecosystem. "If you do not regulate the activities of such key players, you will be having major problems and challenges within your financial ecosystem," he said.
Olukoyede reaffirmed the commission's commitment to working closely with the CAC to promote compliance and tackle economic crimes. He disclosed that the EFCC has established a dedicated desk to handle matters involving the CAC and revealed that ongoing investigations involving about **200 companies** have already yielded significant results.
The registration exercise was first announced in May 2024, when the CAC declared that PoS agents of major fintechs including OPay, Palmpay, and Moniepoint must register their businesses. In December last year, the CAC set a deadline of January 1, 2026, for all PoS operators to obtain registration, warning that unregistered terminals would be seized and operators shut down. However, multiple deadline extensions have not significantly improved compliance levels.
