PoS

By Uzair Adam

The National Coordinator of the National Counter Terrorism Centre (NCTC-ONSA), Maj. Gen. Adamu Laka, has warned that some Point of Sale (POS) operators are playing active roles in facilitating terrorism and kidnapping in Nigeria.

Maj. Gen. Laka raised the alarm on Tuesday during an end-of-year briefing in Abuja, where he disclosed that ransom payments demanded by kidnappers are often routed through accounts owned by POS operators, making it difficult for security agencies to trace the funds.

According to him, investigations have revealed a recurring pattern in which kidnappers provide victims’ families with POS account details for ransom transfers. Once the money is sent, the criminals simply collect the cash from the operators.

“You see a transfer made by terrorists, and when you investigate the account, it belongs to a POS operator.

“The kidnappers give out the POS operator’s number, the money is transferred, and they go to collect it,” he explained.

He said the practice has become a major challenge for counter-terrorism efforts, as it allows criminal networks to move funds discreetly while evading financial tracking mechanisms.

By Muhammad Abubakar

The Corporate Affairs Commission (CAC) has issued a public notice announcing a nationwide crackdown on unregistered Point of Sale (PoS) operators, with enforcement set to begin on 1 January 2026.

According to the statement, the Commission observed a rapid rise in PoS agents operating without proper registration—an act that violates the Companies and Allied Matters Act (CAMA) 2020 as well as Central Bank of Nigeria (CBN) Agent Banking Regulations. The CAC described the trend as a reckless practice that exposes Nigeria’s financial system and citizens’ investments to significant risks, allegedly aided by some fintech companies.

From the effective date, no PoS operator will be allowed to run without CAC certification. Security agencies have been directed to ensure full compliance, including seizing or shutting down unregistered PoS terminals. Fintech companies found enabling such illegal operations will be placed on a watchlist and reported to the CBN.

The Commission urged all PoS operators to regularize their business registrations immediately, stressing that compliance is mandatory. The notice was signed by CAC Management on 6 December 2025.

By Sabiu Abdullahi 

The Federal Government has directed all Point-of-Sales (PoS) operators to register with the Corporate Affairs Commission (CAC) by July 7, 2024, to reduce kidnapping and fraudulent activities.

According to the Registrar-General of CAC, Hussaini Magaji, the registration will help security agencies track and arrest recipients of ransom payments from kidnap victims. 

Magaji stated that the registration process aligns with legal requirements and Central Bank of Nigeria (CBN) directives, and defaulters will face punishment after the deadline.

He stated that the registration is not intended to target specific groups or individuals but aims to safeguard businesses and strengthen the economy. 

The CAC boss explained that the registration will provide data to security agencies to track fraudulent activities and enable them to provide details of persons behind companies involved in fraud.

He added that registration goes beyond taxation to encompass access to loans, legality, and compliance with regulatory requirements. 

PoS agents have reacted to the directive, with some agreeing with the CBN while others believe it will place a burden on operators, especially those in rural communities.

The National President of the Association of Mobile Money and Bank Agents in Nigeria, Sarafa Fasasi, questioned the directive, stating that it may reverse the 74% financial inclusion rate. 

However, the immediate past president of the association, Victor Olojo, backed the move, stating that it is necessary for standardisation and enhanced security. 

The government has launched a 24-hour service centre to facilitate registration and has warned that the deadline will not be extended.

With the rise of fraudulent activities involving PoS terminals, the government is taking measures to ensure the safety and security of businesses and individuals.