May 27, 2024

PoS Agents Express Concern Over CAC’s Registration Mandate, Fear Increased Transaction Costs for Customers

 

Point of Sale (PoS) agents in the Federal Capital Territory (FCT) have voiced their dissatisfaction with the recent directive from the Corporate Affairs Commission (CAC) requiring them to register with the commission.

 

The directive, issued on Monday, mandates PoS operators to register their agents, merchants, and individuals within a two-month deadline in accordance with legal requirements and Central Bank of Nigeria (CBN) directives.

 

Speaking to the News Agency of Nigeria (NAN) in Abuja, PoS agents expressed concerns that the registration process, which entails financial obligations, would ultimately lead to higher transaction costs for customers. Mr. Kofi Kolawole, a PoS agent, highlighted that the registration would eat into business profits and potentially discourage new entrants into the industry, anticipating that the increased operational costs would be passed on to customers.

 

Echoing similar sentiments, Mr. Clement Agbasi emphasized that the directive contradicts the CBN’s financial inclusion initiative, suggesting that heavy charges on online transactions may drive customers away from banking services. Miss Loretta Ubong, another PoS agent, acknowledged the importance of registration but urged the CAC to conduct it in a manner that does not undermine businesses, particularly for individuals like herself who rely on PoS operations to sustain their livelihoods.

 

However, some customers, like Mrs. Ndidiamaka Ibe, welcomed the registration as a means to curb financial fraud and ensure accountability within the PoS sector. She cited personal experiences of fraud and emphasized the need for traceability and accountability in PoS transactions. The CAC, in response, has set a deadline of July 7 for the registration, citing its aim to safeguard Fintech businesses and strengthen the economy.

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