Published: June 26, 2026
The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have raised serious concerns over the proliferation of unregistered Point of Sale (POS) operators in Nigeria, warning that the trend poses significant risks to the country's financial system and national security .
During a courtesy visit by the CAC Board to the EFCC headquarters in Abuja on Thursday, CAC Board Chairman Senator Ibrahim M. Ida disclosed that only about 20 per cent of POS operators across the country are currently registered, a situation he described as inconsistent with the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria's Agent Banking Regulations 2026 .
Unregistered Terminals Linked to Criminal Activities
Senator Ida expressed concern that emerging evidence indicates proceeds of criminal activities, including ransom payments from kidnapping cases, are sometimes routed through unregistered POS terminals . He stressed that the low compliance rate makes it difficult to trace illicit financial flows and identify perpetrators of fraud .
"When 80% of operators are outside the regulatory net, it becomes very difficult to trace illicit flows, identify perpetrators of fraud, and protect ordinary Nigerians," Ida stated .
The CAC chairman proposed three key areas of partnership with the EFCC: data and intelligence sharing on suspicious companies, joint public sensitisation campaigns on corporate governance and financial crime risks, and capacity-building programmes for staff to address emerging threats .
EFCC: 200 Companies Under Investigation
Responding, EFCC Chairman Olanipekun Olukoyede disclosed that investigations into 200 companies referred to the commission by the CAC have yielded significant findings . He revealed that more than 80 per cent of financial crimes in Nigeria are perpetrated through procurement fraud and the activities of registered companies .
Olukoyede described the regulation of POS operators as a "major challenge" requiring urgent attention to protect the country'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 warned .
Agencies to Strengthen Collaboration
Both agencies agreed to review and update their existing Memorandum of Understanding to enhance cooperation in areas including beneficial ownership information, intelligence sharing, and data protection . The EFCC has also established a dedicated desk to handle matters involving the CAC .
The renewed partnership aims to deepen corporate compliance, enhance transparency, and curb illicit financial activities across the country .
Background: Registration Deadline Missed
The CAC had previously announced that all POS operators must obtain registration before January 1, 2026, warning that unregistered terminals would be seized and operators shut down . However, multiple registration deadlines have been shifted since the exercise was first announced in May 2024, yet only 20% compliance has been achieved .
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