The Federal Government is intensifying efforts to enhance security and combat crime by mandating the registration of Point-of-Sales (PoS) operators nationwide. 💳 This move aims to reduce kidnapping incidents and assist security agencies in apprehending ransom recipients. Failure to comply with the registration directive by July 7, 2024, will result in law enforcement action against PoS operators. 🚨
Hussaini Magaji, the Registrar-General of the Corporate Affairs Commission (CAC), revealed this development during the official launch of CAC registration for fintech agents and merchants. 🏦 The event also marked the inauguration of a 24-hour service center to expedite application processing and inquiries.
The initiative stems from legal obligations outlined in the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s (CBN) guidelines on agent banking. 💼 It aims to safeguard businesses, bolster the economy, and curb fraudulent activities associated with PoS terminals.
According to a report by the Nigeria Inter-Bank Settlement System Plc, PoS terminals accounted for a significant portion of fraud incidents in 2023, prompting regulatory intervention. 📉 In a related move, the CBN recently halted the onboarding of new customers by major fintech firms and warned against cryptocurrency trading on their platforms.
Magaji emphasized the government’s commitment to digitalization and streamlined registration processes, aligning with legal requirements and CBN directives. ⏳ He stressed the non-negotiable 60-day registration deadline and warned of consequences for non-compliance, which includes punitive measures post-deadline.
The registration mandate serves broader purposes beyond taxation, extending to access to loans, business legality, and compliance with regulatory standards. 💼🔒 Magaji clarified that the objective isn’t to target specific individuals but to foster a conducive business environment while enhancing security measures.
Registrants are urged to utilize the 24-hour service center for inquiries and compliance-related matters, ensuring a seamless registration process. 🕑 The initiative underscores the government’s proactive stance in addressing economic and security challenges while promoting transparency and accountability in business operations.
