The Corporate Affairs Commission has set a two-month deadline for Point of Sale operators in the country to register their agents, merchants and individuals, latest by July 7, 2024.

The Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji, SAN, met with some fintech companies, also known as PoS, on Monday in Abuja, during which the agreement was reached.

Magaji said the measure aims at safeguarding the businesses of fintech customers and strengthening the economy, the commission stated via its social media handle, posting as @cacnigeria1.

Magaji stated that the move complies with “Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 Central Bank of Nigeria’s guidelines on agent banking.”

The post partly read, “Hussaini Magaji, therefore, said that the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at protecting businesses.

“Several speakers from the fintech industry pledged to collaborate with the Commission to ensure hitch-free implementation of the directive.

“Some of them, however, stressed the need for adequate and collective sensitisation to ensure that the exercise achieved the desired results.”

In his remarks, Tokoni Peter, the Special Adviser to President Bola Tinubu on ICT Development and Innovation, “pledged to ensure the smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.”

Present at the meeting were representatives of fintech companies, including Opay, Momba, Palm Pay, Moniepoint, Paystack, among others.

Aside from being an avenue for job creation, PoS operators play a significant role in financial transactions nationwide.

The move to compel the registration of the fintech companies with the CAC has come at a much-needed time as the companies have also been a key part of fraudulent transactions.

In its Annual Fraud Landscape (January to December 2023) report, the Nigeria Inter-Bank Settlement System has said that financial institutions lost about N17.67 billion to fraud in 2023.

It was also reported that the Web and PoS channels were the most exploited payment channels by fraudsters in 2023.

The count of Web Fraud decreased by 38 per cent and ATM fraud recorded a 64 per cent reduction from 2022 to 2023.

https://www.google.com/amp/s/punchng.com/pos-operators-to-register-with-cac-latest-july-7/%3famp

Hmmm

What's the fate of those roadside POS kiosk or those shops that just combine the POS biz with their main business, and don't make up to 1k per day?

How they wan take see money to register?

Jokers

Is this part of the steps to transform the economy into an exporting country..

Do you have POS agent in the US or Britain


Man ass men selling local currency...

Oh nawa o

D

Always looking for any available means of frustrating businesses, even the least POS business sef Dem done dey put eyes. Very wicked government

They are just killing this country like never before.

No hope for the poor man in this country.

Always victimizing the masses

Following The Update

..and registration should be free.

POS agent are parasites

I would have said it was a welcome development but with the registration we did with nin and BVN has still not solved any problem we where previously experiencing, so I will call it a waste of time.

but why now, this is one of the business young people can venture into with little constraints,

Tinubu u are beginning to frustrate d common man

Werey lawon people you shi.

Will they start going from one sport to the other do identify those who have not registered or what exactly is the effect of the registration?

Seriously, we cannot move forward with all these wake up and draft policies. That's not how it works.

Just to siphon money from the poor after cyber tax.

Let the poor breath..

kenn4rill:
Always looking for any available means of frustrating businesses, even the least POS business sef Dem done dey put eyes. Very wicked government

It’s unfortunate that Nigerians want a better country but don't want the right things to be done…

tojahh:
Food don land.

More Food still on the way

Agbadorians will eventually start paying for breathing soon.

I support them being registered

Tabletuner:


It’s unfortunate that Nigerians want a better country but don't want the right things to be done…

the BVN and nin we did, how has it bettered the country?

[quote author=ellalina post=129824823][/quote]

What is GLND? Can you explain how it is GLND or you got pick up and be charge to court for wrong assertion!

They want to start taxing pos now, this government think say naija na uk

I see POS business dying a natural death in Nigeria.

CAC registration means they'll be paying taxes, which means higher charges, which would make customers switch back to queueing at ATM stands in banks marking the end of the POS business.

What APC cannot destroy does not exist.

This I have seen.

This will not go well.

POS operators should register under an umbrella to defend themselves when government comes with unfavorable policies like this

Wetin be dis again

after all deduction from these people government still want their direct cut from them.

Tabletuner:


It’s unfortunate that Nigerians want a better country but don't want the right things to be done…

what is right about this policy? they are running under registered companies, another means to rake in cash by the FG.

This is one of the surviving and thriving SME that contribute enomously to nations economic growth

The government now want to frustrate them like they did to other SME's

FG playing is allowed sha ,except the bank can work with you in blocking all active pos .