The Federal Government has mandated security agencies to go after PoS operators who fail to comply with the directive to register with the Corporate Affairs Commission after July 7, 2024.
The Registrar-General, CAC, Hussaini Magaji, disclosed this at the formal launch of the CAC registration of agents and merchants of fintechs on Wednesday in Abuja.
The Federal Government emphasized that the mandatory registration of Point-of-Sale (PoS) operators nationwide is crucial in mitigating kidnapping incidents and aiding security agencies in apprehending recipients of ransom payments from kidnapping victims.
Under the directive, PoS operators are mandated to register as corporate entities with the CAC within a two-month deadline, ending on July 7, 2024, in accordance with legal requirements and directives from the Central Bank of Nigeria (CBN).
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This initiative, supported by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on agent banking, aims to fortify businesses and bolster the economy.
The urgency for registration stems from the prevalence of fraud incidents involving PoS terminals, which accounted for 26.37% of fraud incidents in 2023, according to a report by the Nigeria Inter-Bank Settlement System Plc.
