By Daniel Bulusson, Esq
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/NBBSPIDEL.png")
![](https://thenigerialawyer.com/wp-content/uploads/2026/05/2026-Summer-IDRI-Masterclass.jpg")
“Shey na Nigeria we dey, dem go always shift the deadline, me I go wait till then make we see wetin go happen”….. POS Operator in my neigborhood
The Federal Government through the Corporate Affairs Commission has issued a two-month registration deadline to all point of sales agents and merchants to register as a business entity in line with legal requirements and directives of the CBN or face police arrest, this according to the Registrar General was for protection of lives and properties in the country.
According to a fraud report by the Nigeria inter-bank settlement system Plc, there are approximately 1.9 million POS operators in the country, and they accounted for 26.37 percent of fraud incidents in 2023 (one can only imagine the figure in naira). Truth be told, since the coming of POS operators into Nigeria, this writer has had occasion to represent some POS operators who were arrested and investigated by security agencies for one fraudulent transaction or the other carried out through their terminals by customers whose trail went cold after using their machines, and this was due to weak Know Your Customer policy of these operators.
In one of the situations, a customer approached a POS operator few minutes before his closing time and quickly made a withdrawal of #150,000, details of this customer was not recorded in a book as the operator was already on his way out. Few days later, law enforcements officers came to his terminal to arrest him and demanded that he produced the information of such customer as another individual’s account was hacked in another state, but alas, such information was nowhere to be found, he’s only saving grace then was that he’s POS machine was issued by a bank and as such was already recognized as an agent of the bank. The Federal Government also gave an instance where ransom was paid to kidnappers using point of sales (POS) terminals without being able to track persons who withdrew the monies.
Without mincing words, these fintechs (OPAY, PALMPAY, KUDA, MONIE POINT and the rest) have made financial transactions easier and convenient for Nigerians better than the banking hall, from limited transfer errors, zero charges on transfer, discount on airtime recharge and the speed with which one sends and receives money to easier loan access. As a matter of fact, some Nigerians might even say that all these measures and clampdowns (even the recent directive not to register new customers) are targeted because the banks are losing both customers and money, and the Federal Government are helping them get back in the game.
To my mind, the banks need to do more in their financial services to customers because they have been really poor, but then again, we all would agree that the Know your Customer policy of these fintechs before a customer opens an account with them is really weak, and therefore promotes a lot of criminal and fraudulent transactions. Just imagine that with a phone number (of which Nigerians now buy pre-registered sim card) and a phony name, one could have a tier 1 account number with any of these Fintech Apps, as a matter of fact one of them even went further to introduce opening a business account without CAC registration of such business.
So while these fintechs have come to help Nigerians with a far easier and convenient way of conducting financial transaction, they need do more to ensure that all transactions conducted within the shores of Nigeria are verified and traceable, to help in the fight against crime and insecurity. For this reason, I encourage all POS operators to get registered as a business enterprise with CAC before the July 9 deadline, so monies passing through them can be monitored, and ensure protection for both the operator and the customers that patronize their business, or face the wrath of the law and be arrested for operating an illegal business… To be forewarned, is to be forearmed!
God Bless the Federal Republic of Nigeria.
Do send your comment(s), observation(s) and recommendation(s) to danielbulusson@gmail.com or send WhatsApp to 08098404127
The book also examines Nigeria's legal ecosystem, focusing on the LPELR and NBA AI Guidelines. As a bonus, every purchase comes with a FREE eBook titled: How to Use the AI Features in LegalPedia and LawPavilion.
Ohio Books Ltd praises the publication, stating:
"....this is the only Nigerian book I know of on the topic."
How to Order:
📞 Call, Text, or WhatsApp: 08034917063 | 07055285878
📧 Email: benadigwe1@gmail.com
🌎 Website: www.benadigwe.com
Ebook Version: Access it directly online at https://selar.com/prv626
Authored by Ben Ijeoma Adigwe Esq., ACIarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
_______________________________________________________________________
“Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
