By Sabiu Abdullahi
The Federal Government has directed all Point-of-Sales (PoS) operators to register with the Corporate Affairs Commission (CAC) by July 7, 2024, to reduce kidnapping and fraudulent activities.
According to the Registrar-General of CAC, Hussaini Magaji, the registration will help security agencies track and arrest recipients of ransom payments from kidnap victims.
Magaji stated that the registration process aligns with legal requirements and Central Bank of Nigeria (CBN) directives, and defaulters will face punishment after the deadline.
He stated that the registration is not intended to target specific groups or individuals but aims to safeguard businesses and strengthen the economy.
The CAC boss explained that the registration will provide data to security agencies to track fraudulent activities and enable them to provide details of persons behind companies involved in fraud.
He added that registration goes beyond taxation to encompass access to loans, legality, and compliance with regulatory requirements.
PoS agents have reacted to the directive, with some agreeing with the CBN while others believe it will place a burden on operators, especially those in rural communities.
The National President of the Association of Mobile Money and Bank Agents in Nigeria, Sarafa Fasasi, questioned the directive, stating that it may reverse the 74% financial inclusion rate.
However, the immediate past president of the association, Victor Olojo, backed the move, stating that it is necessary for standardisation and enhanced security.
The government has launched a 24-hour service centre to facilitate registration and has warned that the deadline will not be extended.
With the rise of fraudulent activities involving PoS terminals, the government is taking measures to ensure the safety and security of businesses and individuals.