The Federal Capital Territory’s Point of Sale (PoS) terminal operators are not happy with a new order from the Corporate Affairs Commission (CAC) requiring them to register their companies with the commission.
Monday’s two-month registration deadline was announced by the CAC in accordance with the legal specifications provided by the Central Bank of Nigeria (CBN).
In an interview with NAN on Wednesday, PoS operators expressed their concerns regarding this rule, claiming that the registration process—which requires financial commitments—will unavoidably result in an increase in service rates for clients.
PoS agent Mr. Kofi Kolawole stressed that the registration fees would reduce their earnings and would even discourage new competitors from entering the market.
Kolawole stated, “I know that this registration, when actualised by our operators, will increase the amount they charge us.
“This means that the cost we charge on each transaction will increase, so our customers will bear the cost,” he added.
Mr. Clement Agbasi emphasised that the directive runs counter to the CBN’s financial inclusion strategy and that paying more could force people to stop using the internet and instead retain their cash at home.
Agbasi stated, “The PoS business was geared toward bringing the banks closer to the unbanked and making it easier for them.
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“With all these charges, including the 0.5 per cent cyber-security levy on customers, many people will be discouraged from putting their money in banks,” he disclosed.
The implementation of registration fees and the subsequent CBN cybersecurity levy of 0.5 percent on all electronic transactions have presented hurdles for the PoS industry.
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