The Corporate Affairs Commission (CAC) and the Economic and Financial Crimes Commission (EFCC) have agreed to work together to ensure that all Point of Sale (PoS) operators in Nigeria are properly registered.
The decision was announced during a meeting between CAC Board Chairman, Senator Hussaini Ibrahim Idah, and EFCC Chairman, Ola Olukoyede, in Abuja.
According to the CAC, only about 20% of PoS operators have registered their businesses despite regulations requiring them to do so.
The commission said this violates the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations.
Idah said the CAC needs EFCC’s support to improve compliance and create a reliable database of PoS operators that security agencies can use for investigations.
He also expressed concern that some criminals may be using PoS terminals to move illegal funds, including ransom payments from kidnappings. A comprehensive database, he said, would help authorities track suspicious transactions more effectively.
The CAC chairman noted that both agencies have related responsibilities. While CAC registers and regulates businesses, EFCC investigates financial crimes. He said closer cooperation is necessary because some fraudsters use registered businesses to commit crimes such as fraud and money laundering.
Areas of collaboration will include information sharing, public awareness campaigns, and staff training.
EFCC Supports the Initiative Responding, EFCC Chairman Ola Olukoyede said unregulated PoS operations pose a serious risk to Nigeria’s financial system and could be exploited by criminals.
He pledged the commission’s support for efforts aimed at improving compliance and reducing financial crimes.
Olukoyede also described CAC as an important institution for economic development, noting that it is often the first point of contact for foreign investors entering Nigeria.
He revealed that the EFCC has already created a dedicated desk to handle CAC-related matters and that investigations involving about 200 companies have produced significant results.
Background
In December 2025, the CAC directed all PoS operators to register their businesses before January 1, 2026, warning that unregistered operators could face sanctions, including seizure of terminals and business closure.
The registration exercise was first announced in May 2024, targeting agents working with fintech companies such as OPay, PalmPay and Moniepoint.
Despite several deadline extensions, the CAC says only 20% of PoS operators have complied with the registration requirement.