The Federal Government has announced that all Point-of-Sales (PoS) operators in Nigeria must register with the Corporate Affairs Commission (CAC) by July 7, 2024. This move aims to reduce kidnapping and help security agencies track recipients of ransom payments. The Registrar-General of CAC, Hussaini Magaji, stated that the registration process will help safeguard businesses and strengthen the economy.
The directive, backed by the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) guidelines on agent banking, requires PoS operators to register as corporate bodies. This comes after a surge in fraudulent activities involving PoS terminals and the CBN’s efforts to stop trading in cryptocurrency.
The CAC has launched a 24-hour service center to facilitate the registration process, and defaulters will face punishment after the deadline. The registration process aims to capture the data of PoS operators, enabling security agencies to trace individuals behind fraudulent activities.
While some PoS agents have expressed concerns about the additional burden and costs of registration, others have welcomed the move as a necessary step for standardization and enhanced security. The CBN’s efforts to regulate the PoS industry aim to ensure the financial system is secure and well-governed.
With over 1.9 million PoS terminals deployed nationwide, the registration process is expected to help curb fraudulent practices and improve the overall financial inclusion rate in Nigeria.
