Operators of Point of Sale (PoS) terminals in the Federal Capital Territory have expressed discontent over a new directive from the Corporate Affairs Commission (CAC), mandating them to register their businesses with the commission.
The CAC issued a two-month registration deadline on Monday, aligning with legal requirements set forth by the Central Bank of Nigeria (CBN).
In response to this directive, PoS operators in an interview with NAN on Wednesday voiced their concerns, stating that the registration process, which involves financial commitments, will inevitably lead to an increase in service charges for customers.
Mr. Kofi Kolawole, a PoS agent, emphasized that the registration fees would erode their profits and potentially deter new entrants into the business.
Kolawole stated, “I know that this registration, when actualised by our operators, will increase the amount they charge us.
“This means that the cost we charge on each transaction will increase, so our customers will bear the cost,” he added.
Mr. Clement Agbasi highlighted that the directive contradicts the CBN’s financial inclusion initiative, asserting that the additional charges could prompt customers to resort to keeping cash at home rather than engaging in online transactions.
Agbasi stated, “The PoS business was geared toward bringing the banks closer to the unbanked and making it easier for them.
“With all these charges, including the 0.5 per cent cyber-security levy on customers, many people will be discouraged from putting their money in banks,” he disclosed.
The PoS business, now faces challenges with the introduction of registration fees and the recent 0.5 percent cybersecurity levy imposed by the CBN on all electronic transactions.
