Deadline expires for unregistered PoS operators – CAC

The Corporate Affairs Commission (CAC) has reminded Point of Sale (PoS) operatorsacross Nigeria that the deadline for business registration, originally set for July 7, 2024, has now passed as of September 5, 2024.

In a statement issued on Friday, the CAC expressed concern over the low level of compliance with the registration requirement, despite the high number of PoS operators throughout the country. While acknowledging and praising those operators who have complied with the registration directive, the CAC highlighted the significant number of operators who have yet to follow through.

The statement noted, “Some operators have stubbornly ignored the directive, potentially due to involvement in illicit activities or other reasons unknown to us.”

The CAC stressed that it is working in tandem with law enforcement and other relevant bodies to enforce compliance, which may include shutting down non-compliant businesses and imposing severe legal penalties.

The CAC emphasized, “We want to make it clear that we are collaborating with law enforcement agencies and other stakeholders to enforce a robust framework of sanctions that could involve business closures and other serious legal actions.”

The Federal Government, through the CAC, had previously mandated a two-month period for PoS operators to register their agents, merchants, and individual businesses to meet legal requirements and adhere to directives from the Central Bank of Nigeria (CBN). This measure was introduced in response to increasing fraud involving PoS terminals and the CBN’s intention to ban transactions in cryptocurrencies and other virtual currencies.

According to a report from the Nigeria Inter-Bank Settlement System Plc, PoS terminals were implicated in 26.37 percent of fraud cases in 2023. The CAC’s registration initiative is aimed at mitigating fraud, combating kidnapping, and preventing ransom payments.