The Federal Government has mandated the nationwide registration of Point-of-Sales (PoS) operators to combat kidnapping and enhance security.
Starting July 7, 2024, security agencies will pursue non-compliant PoS operators, requiring registration with the Corporate Affairs Commission (CAC).
Hussaini Magaji, Registrar-General of CAC, unveiled this initiative during the formal launch of CAC registration for fintech agents and merchants in Abuja.
The move aims to bolster security, comply with legal requirements, and align with Central Bank of Nigeria (CBN) directives.
Fraud incidents involving PoS terminals, accounting for 26.37% in 2023, underscore the urgency for regulation.
The 60-day registration deadline, backed by legal provisions, signals the government’s commitment to business integrity.
The CAC assures a streamlined registration process through a newly established 24-hour service center.
Failure to comply will result in punitive measures post-deadline, emphasizing the seriousness of the directive.
The initiative seeks not to target specific groups but to safeguard businesses and promote compliance with regulatory norms.
Registered PoS operators can access benefits like loans, legal legitimacy, and regulatory compliance.
While some PoS agents support the move, others express concerns about its impact on rural operators and the registration process’s cost and complexity.
Standardizing PoS businesses through registration is seen as a crucial step in enhancing financial security and accountability.
The initiative aims to streamline PoS operations, curb fraudulent practices, and foster a safer financial ecosystem.
This move represents a pivotal moment in enhancing financial transparency and accountability in Nigeria’s payment sector.
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Dorrene Popkin