CAC Launches PoS Operator Registration Hub Ahead of July Deadline

The Corporate Affairs Commission (CAC) has launched a specialized center for bulk registration of PoS operators nationwide, aiming to streamline and regulate the Point of Sale (PoS) business segment.

This initiative follows a recent directive requiring all PoS operators affiliated with fintech companies like OPay, Palmpay, Moniepoint, and Fairmoney to complete registration by July 7, 2024, enhancing transparency and accountability in the industry.

The newly unveiled center, located at the CAC’s FCT Zone 5 Office, received its official launch from the Registrar-General/CEO of CAC, Hussaini Ishaq Magaji (SAN). While fully operational in the FCT, it’s uncertain if a similar facility will be established in Lagos due to the state’s high operator concentration.

Magaji emphasized the center’s readiness to efficiently handle registration applications round the clock, supported by cutting-edge technology and a dedicated team of personnel. He reiterated the commission’s commitment to enforcing regulatory guidelines outlined in the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s (CBN) Agent Banking guidelines.

The initiative aligns with President Bola Ahmed Tinubu’s vision to promote financial inclusion, particularly among youth, while combating financial crimes nationwide.

Operators express dissatisfaction:

Despite the commission’s efforts to streamline the registration process, some PoS operators, particularly in the Federal Capital Territory (FCT), express concerns over compliance’s financial implications. Notably, they fear additional registration fees could erode their slim profit margins and increase transaction costs for customers.

Voicing their apprehension, PoS agents highlight potential contradictions between the registration mandate and the CBN’s broader financial inclusion agenda, cautioning stringent requirements might deter customers from formal banking channels, undermining efforts to expand financial access to underserved populations.