Deadline Over: CAC Issues Warning To Unregistered PoS Operators

Deadline Over: CAC Issues Warning To Unregistered PoS Operators

The Corporate Affairs Commission (CAC) has reminded Point of Sale (PoS) operators nationwide that the deadline for business registration, which was first announced on July 7, 2024, expired on September 5, 2024……CONTINUE READING 

In a statement issued on Friday, the CAC expressed concern over the low level of compliance with the registration directive, despite the extensive number of PoS operators in the country. The Commission commended those who have complied, acknowledging their positive approach to formalizing their businesses.

However, the CAC also noted with concern that many operators have not adhered to the registration requirement. The statement indicated that some operators may be evading compliance due to involvement in illicit activities or other reasons.

The CAC emphasized its collaboration with law enforcement agencies and other stakeholders to enforce compliance and implement a comprehensive sanction framework. This may include shutting down non-compliant businesses and imposing severe legal consequences.

The Federal Government, through the CAC, had set a two-month deadline for PoS operators to register their agents, merchants, and individuals as part of efforts to curb fraud, particularly following a rise in fraud incidents involving PoS terminals and new regulations from the Central Bank of Nigeria (CBN) against cryptocurrencies and virtual currencies.

A report from the Nigeria Inter-Bank Settlement System Plc indicated that PoS terminals were involved in 26.37 percent of fraud incidents in 2023. The CAC’s registration initiative aims to reduce fraud and combat issues such as kidnapping and ransom payments.