Nigeria's CAC and EFCC to tighten POS operator registration

Senior officials from Nigeria's Corporate Affairs Commission and the Economic and Financial Crimes Commission met in Abuja on Thursday, June 25, 2026, to strengthen collaboration against financial crimes, warning that a vast majority of Point of Sale operators remain unregistered and pose a significant risk to the financial system.

CAC Board Chairman Ibrahim Adah disclosed that only about 20 percent of POS operators in the country are currently registered with his commission. He stated this low compliance is inconsistent with the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria's Agent Banking Regulations, which require proper business registration. Adah warned that emerging evidence suggests unregistered POS terminals are being used to move illicit funds, including ransom payments from kidnapping cases and other criminal proceeds.

During the meeting at EFCC headquarters, Adah emphasized the need for a joint effort, stating that neither agency can successfully combat economic crimes perpetrated through corporate entities if they work alone. He proposed closer cooperation in developing a reliable database of POS operators for law enforcement, alongside...