The Federal Government has announced a crucial measure in its efforts to tackle the menace of kidnapping and financial fraud plaguing the nation.
With the introduction of mandatory registration for Point-of-Sale (PoS) operators nationwide, authorities aim to enhance security and curb illicit financial activities.
The Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Magaji, made this declaration during the formal launch of the registration process for fintech agents and merchants in Abuja on Wednesday.
This initiative follows mounting concerns over the role of PoS terminals in facilitating fraudulent transactions, with data indicating that PoS terminals accounted for over a quarter of fraud incidents in 2023, according to a report by the Nigeria Inter-Bank Settlement System Plc.
The government’s directive, backed by legal provisions such as Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, and the 2013 guidelines issued by the Central Bank of Nigeria (CBN) on agent banking, underscores its commitment to safeguarding businesses and bolstering the economy.
The deadline for PoS operators to register as corporate entities with the CAC is set for July 7, 2024, with stringent penalties awaiting defaulters. Emphasizing the urgency of compliance, Magaji reiterated that the deadline would not be extended.
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.”
He added, “We have trained our staff to accommodate these activities and these staff can work from home and that’s why we said 24-hour service. We have equipped them with facilities and they can work from home for approvals and availability segment. The deadline remains 60 days and it will end July 7th.”