Security authorities have been ordered by the federal government to pursue PoS operators that disregard the requirement to register with the Corporate Affairs Commission by July 7, 2024.
This was revealed on Wednesday in Abuja during the official opening of the CAC registration of agents and merchants of fintechs, which was presided up by Registrar-General Hussaini Magaji.
The federal government stressed how important it is for Point-of-Sale (PoS) operators to register with the government across the country in order to reduce the number of abduction cases and help law enforcement capture people who have paid ransom for kidnapping victims.
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In line with regulatory requirements and guidelines from the Central Bank of Nigeria (CBN), PoS operators are required to register as corporate companies with the CAC within a two-month deadline, which ends on July 7, 2024.
This programme seeks to strengthen businesses and boost the economy. It is backed by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN recommendations on agent banking.
According to a research by the Nigeria Inter-Bank Settlement System Plc, the frequency of fraud events involving PoS terminals—which accounted for 26.37% of all fraud cases in 2023—is the reason for the necessity of registration.
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