With only about 20% of point-of-sale (PoS) operators registered in Nigeria, the Corporate Affairs Commission (CAC) and the Economic and Financial Crimes Commission (EFCC) have strengthened their partnership to intensify compliance enforcement among PoS operators nationwide.
The renewed enforcement drive follows the expiration of the CAC’s registration deadline for PoS businesses and is aimed at improving regulatory compliance, safeguarding Nigeria’s financial system and curbing financial crimes.
The decision was announced during a visit by CAC Board chairman senator Hussaini Ibrahim Idah to EFCC chairman Ola Olukoyede in Abuja.
Idah said the low registration rate contravenes existing requirements under the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria’s agent banking regulations, which require businesses operating to be registered.
He said CAC intelligence suggests that some PoS terminals are being used to channel illicit funds, including ransom payments, underscoring the need for stronger oversight.
According to Idah, collaboration with the EFCC will support the creation of a national database of PoS operators to aid investigations, track suspicious transactions and strengthen intelligence sharing.
He added that public awareness campaigns and staff capacity building would further support enforcement efforts.
EFCC chairman described unregulated PoS operations as a major vulnerability within Nigeria’s financial system, warning that weak oversight creates opportunities for criminal activity.
He said the EFCC remains committed to supporting the CAC’s compliance drive and confirmed that the commission has established a dedicated desk to handle CAC-related matters, with investigations involving about 200 companies already yielding results.
The CAC first announced the mandatory registration exercise in 2024, but despite several deadline extensions, compliance remains at about 20%.
Regulatory scrutiny has intensified following investigations linking some PoS terminals to cryptocurrency-related investment schemes and romance scams.
Security agencies have also warned that criminal groups exploit PoS terminals to convert illicit funds into cash, while recent Central Bank of Nigeria and law enforcement actions against non-compliant agents have heightened concerns over money laundering and other financial crimes.
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