Unregistered POS operators threaten financial system, EFCC, CAC warn
The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have expressed concern over the growing risks posed by unregistered Point of Sale (POS) operators to businesses and national security, pledging closer collaboration to enforce compliance across the country.
The concerns were raised on Thursday in Abuja when the Chairman of the CAC Board, Senator Ibrahim Adah, led a delegation of the commission’s management on a courtesy visit to the Executive Chairman of the EFCC, Ola Olukoyede, at the anti-graft agency’s headquarters.
Adah disclosed that only about 20 per cent of POS operators in Nigeria are currently registered with the CAC, despite provisions of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations 2026 requiring businesses operating under business names to be duly registered.
He said the CAC was seeking the EFCC’s support in ensuring compliance among POS operators nationwide and in developing a reliable database that could be accessed by the EFCC and other law enforcement agencies.
“Presently, only about 20 per cent 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. Furthermore, we seek closer cooperation in developing a reliable database of POS operators for use by the EFCC and other law enforcement agencies,” Adah said.
The CAC chairman warned that criminal proceeds, including ransom payments linked to kidnapping cases, are increasingly being routed through POS terminals. He stressed that stronger collaboration between the two agencies was necessary to tackle financial crimes perpetrated through corporate entities and to strengthen corporate compliance.
Responding, Olukoyede described the activities of unregulated POS operators as a major challenge to the nation’s financial ecosystem, warning that inadequate regulation of such operators could create significant vulnerabilities within the system.
The EFCC chairman disclosed that the commission is currently investigating about 200 companies referred by the CAC and has made substantial progress in the cases. He also directed officials of both agencies to review and update their existing Memorandum of Understanding to strengthen cooperation in the areas of beneficial ownership information, intelligence sharing and data protection.
