PoS
The Nigerian government through the Corporate Affairs Commission has issued a two-month registration ultimatum to Point of Sales companies to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the CBN.
This was stated in an agreement that was reached on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja.
According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide.
Speaking at the meeting, the CAC boss stated that the legislation intends to protect the businesses of Fintech customers while also developing the economy. He further emphasized that the move was supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN recommendations on agent banking. The CAC boss stated that the registration timetable, which will expire on July 7, 2024
Note:
Is two months not too short for the majority of PoS operators, who are considered to be poor citizens, to gather the money necessary for processing CAC business registration?
Besides, after the PoS operators have been registered with the banks, why can't the government devise a means of getting them captured through the banking platforms?
Or will the government only after the revenue generation drive the directive yield as none of the over 1.9 million operators will spend less than N11,000.00 to get registered with the CAC despite the current economic woos the residents are facing?
Above all, why is it a necessity for an already registered business with a CAC that is just using a PoS for collecting money for its business transaction, ha imf registered with the bank, to still register its PoS with the CAC as a separate entity?
Isn't this policy a duplication of the role and legitimate extortion of business owners in the country, bearing in mind that it is not all PoS operators use it for money withdrawal purpose?
Your view?
Category: World-News
Tag: CBN Mandates All POS Operators To Register With CAC Before Deadline
Written by Author (author)
Published 5/8/2024 8:38:18 AM