CAC REGISTRATION: POLICE TO GO AFTER UNREGISTERED PoS OPERATORS
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According to the Federal Government, making point-of-sale operators countrywide registered by law will lessen abduction and make it easier for law enforcement to apprehend people who have accepted ransom payments from kidnapping victims.
Additionally, it promised that from July 7, 2024, security agents would pursue PoS operators that disobeyed the order to register with the Corporate Affairs Commission.
This was revealed on Wednesday in Abuja during the official opening of the CAC registration of agents and merchants of fintechs, which was presided over by Registrar-General Hussaini Magaji.
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A 24-hour support center was also unveiled at the event to assist potential applicants in receiving a timely response to their inquiries and approvals.
In accordance with legal requirements and Central Bank of Nigeria guidelines, PoS operators have two months to register as corporate bodies with the commission, according to a deadline set by the government through the commission on Monday.
The goal of the action is to protect businesses and boost the economy. It is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, as well as the 2013 CBN recommendations on agent banking.
It also occurred in the context of several fraud instances involving PoS terminals and the Central Bank of Nigeria’s intention to cease trading in cryptocurrencies and other virtual currencies.
In 2023, 26.37 percent of fraud instances involved PoS terminals, according to a fraud report published by the Nigeria Inter-Bank Settlement System Plc.
Major fintech companies, including Kuda, Opay, PalmPay, and Moniepoint, were prohibited from onboarding new clients by the CBN last week. Subsequently, the fintech companies threatened to block any accounts discovered to be involved in cryptocurrency or virtual currency trading, and they cautioned their users against doing so on their apps.
During his speech, Hussaini reaffirmed the government’s commitment to carrying out the mandate in its entirety by offering a fully digitalized service center for simple registration.
He emphasised that the registration process aligns with both legal requirements and the directives of the CBN mandating individuals, merchant or business entities to be captured in its database.
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 inquiries from point-of-sale 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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