In a significant move aimed at enhancing transparency and regulatory oversight, the Corporate Affairs Commission (CAC) has directed all Point of Sale (POS) business operators to register their businesses.

This directive comes amidst concerns regarding the proliferation of POS businesses and the need to ensure compliance with financial regulations. The registration requirement aims to bring all POS operators under the regulatory purview of the CAC, thereby strengthening the integrity of the financial system and safeguarding against illicit activities.

Operators are urged to adhere to the registration process outlined by the CAC to avoid penalties and ensure seamless integration into the formal financial sector. This measure is expected to promote accountability, protect consumers, and contribute to the overall stability of Nigeria's economy.

Stay tuned for further updates as the registration process unfolds and its impact on the POS industry becomes clearer.

Registration requirements include two proposed names, personal details, ID Card, Passport(if it's business name), Signature and payment of required fee.

I learnt that CAC has open a centre at Abuja for bulk registration of POS business