May 27, 2024

Registration Deadline Looms for POS Operators as FG Moves to Enhance Security 

The Federal Government has said mandatory registration of Point-of-Sales operators nationwide will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims.


It also vowed that security agencies would 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 event also marked the unveiling of a 24-hour service centre to help prospective applicants get a prompt response to enquiries and approvals.


The government had through the commission on Monday issued a two-month registration deadline for PoS operators to register as corporate bodies with the commission in line with the legal requirements and directives of the Central Bank of Nigeria.


The action backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking aims to safeguard businesses and strengthen the economy.


It also came against the backdrop of frequent fraud incidents involving PoS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria.


He further warned that the 60-day deadline would not be extended while stressing that defaulters would receive adequate punishments after the deadline.


He said, “We have launched a 24-hour service centre to accommodate enquiries from Point of Sales operators and agents who may want to register as directed by the new policy. The secretariat is filled with staff members who have the responsibility of availability, and some are being saddled with the responsibility of approving requests. We have equipped the secretariat with the necessary facilities.


“This is to show you how the government is taking this issue seriously and the centre will be open for a 24-hour service. It will be open for compliance and any feedback from the public especially PoS operators who have been mandated to register their businesses with the commission.”

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