The Corporate Affairs Commission (CAC) and the Economic and Financial Crimes Commission (EFCC) have agreed to deepen collaboration to enforce the registration of Point of Sale (PoS) operators across Nigeria, following concerns that unregistered operators may be facilitating financial crimes.
The agreement was reached on Thursday during a courtesy visit by the Chairman of the CAC Board, Senator Hussaini Ibrahim Idah, to the Executive Chairman of the EFCC, Ola Olukoyede, at the anti-graft agency’s headquarters in Abuja.
Both agencies expressed concern over the low level of compliance among PoS operators, warning that inadequate regulation of the rapidly growing sector poses significant risks to Nigeria’s financial system and national security.
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The renewed enforcement drive comes months after the CAC’s registration deadline for PoS operators expired.
Speaking during the visit, Idah revealed that only about 20% of PoS operators nationwide are currently registered with the CAC despite existing regulatory requirements.
According to him, the situation contravenes the provisions of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations 2026, both of which require businesses operating under a business name to be duly 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,” he said.
Idah said the Commission is seeking the support of the EFCC to improve compliance nationwide while developing a comprehensive database of PoS operators that can be used by law enforcement agencies.
He warned that intelligence available to regulators indicates that PoS terminals are increasingly being used to facilitate illicit financial transactions.
According to him, proceeds of crimes, including ransom payments linked to kidnapping cases, are sometimes channelled through PoS platforms, making stronger oversight of operators imperative.
“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 stated.
He explained that a central database would strengthen investigations and improve the ability of security agencies to trace suspicious financial transactions.
The CAC chairman noted that both institutions have complementary mandates that make closer collaboration necessary. While the CAC is responsible for registering and regulating businesses in Nigeria, the EFCC investigates and prosecutes economic and financial crimes.
He stressed that fraudsters often exploit registered and unregistered business entities to commit financial crimes, making information sharing between both agencies essential.
“When companies are misused for fraud or money laundering, the mandates of both institutions are directly affected. Neither of the two agencies can therefore fight and win the war against economic and financial offences, especially those perpetrated through corporate entities, if we work alone,” he said.
He identified intelligence sharing, public awareness campaigns and staff capacity building as key areas where both agencies can collaborate.
Responding, EFCC Chairman Ola Olukoyede described the activities of unregulated PoS operators as a major challenge within Nigeria’s financial ecosystem, warning that weak oversight creates opportunities for criminals to exploit the system.
“If you do not regulate the activities of such key players, you will be having major problems and challenges within your financial ecosystem,” Olukoyede said.
He reaffirmed the EFCC’s commitment to partnering with the CAC to strengthen compliance and combat economic and financial crimes.
Olukoyede also described the CAC as a strategic 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.
The EFCC chairman further disclosed that the Commission has established a dedicated desk to handle CAC-related matters and revealed that investigations involving about 200 companies have already produced significant results.
In December 2025, the CAC directed all PoS operators to obtain business registration before January 1, 2026, warning that unregistered operators risked having their terminals confiscated and their operations shut down.
The Commission said the registration exercise was aimed at curbing the growing number of unregistered PoS agents, a development it described as a threat to Nigeria’s financial system and a violation of the Companies and Allied Matters Act (CAMA) 2020 as well as the CBN’s agent banking guidelines.
The registration exercise was first announced in May 2024 when the CAC directed PoS agents operating for major fintech companies, including OPay, PalmPay and Moniepoint, to register their businesses before an initial July 7, 2024 deadline.
Although the deadline has been extended several times, the CAC says only about one in five PoS operators has complied with the registration requirement.
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