₦airaland Forum

CAC and CBN has approved and extended deadline for registration by two months. This is to enable those who haven't done so to comply.

Ok.

Does CAC have the power to make such pronouncement? How would CAC find out those who have complied with the requirement recently demanded by government? I thought the job of CAC is to register business names. Is it not the job of the law enforcement agents to arrest and prosecute those who have failed to comply? Will CAC hit the streets to arrest and prosecute those who failed to register?

And by the way, what would happen to operators in the remote communities, or those who are in areas that are difficult to access by roads?

Is registration free of charge for them? Or has CAC given incentives like reduction of the registration fee for POS operators who have so far not complied?

Ok

Always making policies that will frustrate the poor.

Ok

By December, there won't be any more POS because the taxes the government would place on the would be to much for them to bear.

This I have seen.

Alright

Shey na Pos be fintech abi wetin. The name fine o.

If its to improve welfare and security now, they will give us 10years, but if na to milk the poor masses, the implementation to policies is always instant.

I still waiting to know what this administration is good at.

Registration takes about 4 weeks or more.
CAC need to put Thier process in place.

omonla10:
Shey na Pos be fintech abi wetin. The name fine o.

If its to improve welfare and security now, they will give us 10years, but if na to milk the poor masses, the implementation to policies is always instant.

I still waiting to know what this administration is good at.

Fintechs are the owners of the payment systems not necessarily the sole agents - we call POS on the streets. They are all together in same system though

Like you said, our government is always super active and timely when they want to milk the people

How can one register a business name in Abuja?

FalseProphet1:
By December, there won't be any more POS because the taxes the government would place on the would be to much for them to bear.

This I have seen.

Look @this one with fake prophecy
Omo Ur brain de pain u so go drink panadol U go de alright

condensedmilk:
How can one register a business name in Abuja?

DM

ElevationD:
Ok.

Does CAC have the power to make such pronouncement? How would CAC find out those who have complied with the requirement recently demanded by government? I thought the job of CAC is to register business names. Is it not the job of the law enforcement agents to arrest and prosecute those who have failed to comply? Will CAC hit the streets to arrest and prosecute those who failed to register?

And by the way, what would happen to operators in the remote communities, or those who are in areas that are difficult to access by roads?

Is registration free of charge for them? Or has CAC given incentives like reduction of the registration fee for POS operators who have so far not complied?

This your questions get as e be.
The exercise is important to curb criminals using POS for robbery.
Any collaboration is welcome please

Good for them

Very necessary

Huummm

Well the first mistake most Nigerian make is to forget that we have laws in Nigeria. CAC doesn't need to move a muscle all they need to do is to advise CBN. And with the digital world we are now, it becomes more simple as your wallet provider can just lock up your money and the devise. The crime is unregistered business which is tantamount to tax evasion as you can't remit taxes (WTH, VAT CIT etc) when unregistered.

To the issue of remote villages, the law is sacrosanct what ever made the POS to work in the villages also made Internet available there to register online for CAC so remoteness is not an excuse.

Fees are standard. It take money to make money your call cost remain the same urban or rural location.

ElevationD:
Ok.

Does CAC have the power to make such pronouncement? How would CAC find out those who have complied with the requirement recently demanded by government? I thought the job of CAC is to register business names. Is it not the job of the law enforcement agents to arrest and prosecute those who have failed to comply? Will CAC hit the streets to arrest and prosecute those who failed to register?

And by the way, what would happen to operators in the remote communities, or those who are in areas that are difficult to access by roads?

Is registration free of charge for them? Or has CAC given incentives like reduction of the registration fee for POS operators who have so far not complied?

condensedmilk:
How can one register a business name in Abuja?

Do It Yourself USE THE LINK BELOW

https://pre.cac.gov.ng/home

This is commendable. This will curb criminals robbing with POS .

condensedmilk:
How can one register a business name in Abuja?

You can do it yourself or I can help you register it. If it's the latter please drop your email address

Thank you for listening to us. The POS agents need more time to register as the pre-incorporation processes have been slow due to the surge in registrations following the directive by the CAC to Fintech operators.

If you are yet to comply with this directive, contact us today.

All this useless Tinubu's APC government does to Nigerians is impose more tax burdens so that Tinubu, his wife, his son and their cronies would have enough to loot!

Do you know that the government is charging 19,000 Naira for each pos terminal registration with the CAC? Multiply that amount by the number of pos terminals in use in Nigeria!

He is not concerned about the hardship and hunger in the land; he is out to tax Nigerians even for the air they breathe!

omonla10:
Shey na Pos be fintech abi wetin. The name fine o.

If its to improve welfare and security now, they will give us 10years, but if na to milk the poor masses, the implementation to policies is always instant.

I still waiting to know what this administration is good at.

They are good at taxing.

wildernessVoice:
This your questions get as e be.
The exercise is important to curb criminals using POS for robbery.
Any collaboration is welcome please

To me I don't really think it is about security, because all bank accounts with either commercial bank, MFB or mobile money are already linked with eith BVN or NIN {meaning it is onwed by a known individual}. so if fraud is being carried out with an unlinked account, then the financial institution that allowed unlinked account should be held responsible.

Elsewhere, all the recent ponzi schemes that scammed Nigerians all had CAC registrations but they still succeeded

I think it is more about revenue generation. Statistics has it that we have above 2 million POS right now, that is N20bn in registration and future annual filing and tax filing.

But it is all good shaa. At least it will give ones business a good look

condensedmilk:
How can one register a business name in Abuja?

You can contact us at Funville Concepts Limited.
funvilleconcepts@yahoo.com
07036657855

tammyf:
This is commendable. This will curb criminals robbing with POS .

What is commendable?
Charging each pos terminal 19,000 Naira for CAC registration?
I see. Commendable indeed!

ElevationD:
Ok.

Does CAC have the power to make such pronouncement? How would CAC find out those who have complied with the requirement recently demanded by government? I thought the job of CAC is to register business names. Is it not the job of the law enforcement agents to arrest and prosecute those who have failed to comply? Will CAC hit the streets to arrest and prosecute those who failed to register?

And by the way, what would happen to operators in the remote communities, or those who are in areas that are difficult to access by roads?

Is registration free of charge for them? Or has CAC given incentives like reduction of the registration fee for POS operators who have so far not complied?

CAC as an agency of the Federal Government is vested with the power to ensure that businesses are formalized through proper documentation and other regulatory compliance. CBN on the other hand is vested with the power to regulate the banking and financial sector of the economy. Finally, the Nigeria Police has the responsibility to enforce the law and prosecute defaulters.

That said, a lot of Nigerians have complained in the past about these Fintechs aiding and abetting criminals due to poor KYC protocols. CBN stepped in and ensured that the FINTECH providers mandated all their existing account holders to upgrade their KYC via proper documentation. Again, these FINTECHs allowed people to open business accounts without requesting for evidence of registration with CAC. This is absolutely wrong. It means I can open a business account with any name and dupe unsuspecting members of the public. Furthermore, it had been reported severally (even up till this week following the successful neutralisation of kidnappers in Mushin) that kidnappers, one chance syndicates, bandits and other criminal elements all use POS machines to either collect ransome or forcefully withdraw money from their victims' bank accounts. A lot of other people have been duped by Fintech account holders without trace or the FINTECH been unable to help due to poor KYC.

Do you think the government should close her eyes to the cry of the people who have been victims of these crimes? In response, CBN mandated a KYC upgrade for all account holders with these FINTECHS, and also that all corporate account holders who aren't registered with the CAC should do so with immediate effect. Now, who will register the businesses? CBN or CAC?

CBN in liaison with CAC issued an earlier deadline of July 7th and have now extended it to September 5th. CAC is the one registering the business, so CBN need not make the pronouncements. When the deadline elapses, CAC will not block accounts of fintech agents, CBN will, using the records of compliance from CAC. That is called "multi-regulatory agency synergy".

Finally, those who think they can circumvent the system and directives will surely be guests of the Nigeria Police who will be more than happy to arrest and prosecute defaulters. Visit Gwarimpa Abuja and listen to tales of how POS agents are already being chased around by law enforcement agents.

While it may be a revenue generation source for the government, it is also a step in the right direction in terms of security improvement and fraud alleviation.

Raxxye:
What is commendable?
Charging each pos terminal 19,000 Naira for CAC registration?
I see. Commendable indeed!

CAC does not charge 19,000 for business registration. Agents do.
I register businesses cheaper than what Moniepoint is asking her agents to pay. Some agents charge as much as N25000-28000 for business name registration while some charge as low as N16,000. It's all dependent on the agent you approach. CAC's charge is lower than all these figures mentioned.

tunwumi:
Well the first mistake most Nigerian make is to forget that we have laws in Nigeria. CAC doesn't need to move a muscle all they need to do is to advise CBN. And with the digital world we are now, it becomes more simple as your wallet provider can just lock up your money and the devise. The crime is unregistered business which is tantamount to tax evasion as you can't remit taxes (WTH, VAT CIT etc) when unregistered.

To the issue of remote villages, the law is sacrosanct what ever made the POS to work in the villages also made Internet available there to register online for CAC so remoteness is not an excuse.

Fees are standard. It take money to make money your call cost remain the same urban or rural location.

This is how you guys support repressive, anti-people policies of this heartless administration.
19,00 Naira just for pos terminal registration with CAC and you think it's all good!

wildernessVoice:
This your questions get as e be.
The exercise is important to curb criminals using POS for robbery.
Any collaboration is welcome please

We know that the exercise is very necessary. But please who’s duty is it to enforce?

ElevationD:
Ok.

Does CAC have the power to make such pronouncement? How would CAC find out those who have complied with the requirement recently demanded by government? I thought the job of CAC is to register business names. Is it not the job of the law enforcement agents to arrest and prosecute those who have failed to comply? Will CAC hit the streets to arrest and prosecute those who failed to register?

And by the way, what would happen to operators in the remote communities, or those who are in areas that are difficult to access by roads?

Is registration free of charge for them? Or has CAC given incentives like reduction of the registration fee for POS operators who have so far not complied?

Too many questions. Simple answer, all the regulator needs at the end of the deadline is to tell the banks to freeze accounts of operators not registered pending when they would submit required documents and have access to their accounts again.

Let's handle your ebay and amazon orders