The Federal Government has announced that all Point-of-Sale (PoS) operators must register with the Corporate Affairs Commission (CAC) by July 7, 2024, in order to reduce kidnapping and aid security agencies in apprehending ransom recipients. Failure to comply will result in pursuit by security agencies.
This directive was emphasized by the Registrar-General of the CAC, Hussaini Magaji, during the official launch of the CAC registration for agents and merchants of financial technology companies in Abuja. The registration is aligned with legal requirements and CBN directives to safeguard businesses and strengthen the economy.
Magaji highlighted that the mandatory registration is essential to combat fraud, particularly in PoS terminals, which accounted for 26.37% of fraud incidents in 2023. The government's action also responds to the CBN's decision to halt trading in cryptocurrency and virtual currencies.
Despite concerns raised by some PoS agents regarding the registration process, the government remains firm on the deadline and plans to enforce penalties for non-compliance. A 24-hour service center has been established to assist with enquiries and facilitate the registration process.
While the registration deadline may pose challenges for some operators, the government believes it is necessary for standardization and security in the financial system. The registration will provide a unique business identity for PoS agents and ensure compliance with Know-Your-Customer standards.
Overall, the government's objective is to enhance security and efficiency in the financial system, despite potential challenges and concerns from PoS operators.
