The Federal Government has declared that compulsory registration of Point-of-Sales (PoS) operators nationwide will serve to mitigate kidnapping incidents and assist law enforcement in apprehending recipients of ransom payments from kidnapping victims.

It has been asserted that security agencies will pursue PoS operators who fail to adhere to the directive to register with the Corporate Affairs Commission (CAC) by July 7, 2024.

Hussaini Magaji, the Registrar-General of CAC, disclosed this during the formal launch of the CAC registration of agents and merchants of financial technology (fintech) companies in Abuja.

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The initiative also saw the introduction of a 24-hour service center to facilitate swift responses to inquiries and approvals for prospective applicants.

The government, through the commission, issued a two-month registration ultimatum for PoS operators to register as corporate entities with the commission, in accordance with legal requirements and Central Bank of Nigeria (CBN) directives.

This move, backed by relevant legal provisions and CBN guidelines, aims to fortify businesses and bolster the economy, particularly in light of frequent fraud incidents involving PoS terminals and plans to halt cryptocurrency trading by the CBN.

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Magaji reiterated the government’s commitment to full implementation by providing a digitized service center for seamless registration. He emphasized that the process aligns with legal requirements and CBN directives mandating individual merchants or business entities to be recorded in its database.

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He cautioned that the 60-day deadline would not be extended and warned of repercussions for defaulters after the cutoff.

The CAC boss underscored that registration’s benefits extend beyond taxation to include access to loans, legal compliance, and adherence to regulatory standards.

Meanwhile, PoS agents have expressed mixed reactions to the registration order. While some support the directive as a means to enhance security and standardization, others argue it imposes undue burdens, especially on operators in rural areas.

Despite the differing opinions, the government remains resolute in its efforts to regulate PoS operations, citing the imperative of safeguarding businesses and combating fraudulent practices.