As part of the process of cracking down on fraudulent activities and make transactions more transparent, the Central Bank of Nigeria has directed all point-of-sale (PoS) operators to register with the Corporate Affairs Commission (CAC) in two months.
This is because PoS terminals have been getting mixed up in fraud, accounting for a whopping 26.37% of fraud incidents in 2023 alone.
In 2022, Nigeria had 1.8 million point-of-sale agents. So, if these agents want to continue doing business, everyone must register with the CAC.
This was disclosed after a meeting between Fintechs and the Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji (SAN) in Abuja on Monday, May 7.
Mr Hussaini said the two-month timeline for the registration, which will expire on July 7, was not targeted at any groups or individuals but was “in line with legal requirements and the directives of the Central Bank of Nigeria.”
Part of the statement reads, “The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.
“The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.