Corporate Affairs Commission (CAC), has directed financial institutions, to comply with the Central Bank of Nigeria’s order on compulsory registration of Point of Sales operators in the country.
The commission in a statement released on Thursday, (9/5/24), said Banks have been directed to ensure registration of these POS on or before July 7, 2024.
According to a letter to all affected banks, endorsed by the Registrar-General and Chief Executive Officer, CAC, Hussaini Magaji (SAN), the instruction was in line with Section 863(1) of CAMA and the CBN guidelines for Agent Banking, 2013.
The CBN had earlier, through a memo issued on April 30, 2024, directed all non-individuals on the Agent Banking Authorization, to immediately take steps to register their businesses with the CAC in line with Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
Magaji during an event in Abuja on Wednesday, said mandatory registration of Point-of-Sales operators nationwide, will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims.
According to reports, PoS terminals accounted for 26.37 per cent of fraud incidents in 2023, according to a fraud report by the Nigeria Inter-Bank Settlement System Plc.
Recall, Last week, the CBN stopped major fintech firms like Kuda, Opay, PalmPay and Moniepoint from onboarding new customers. The fintech firms later warned their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any accounts found engaging in such activities.
