FG Cracks Down on Unregistered PoS Operators: 2-Month Ultimatum Issued

THE Federal Government, through the Corporate Affairs Commission (CAC), has given a two-month deadline to Point of Sales (PoS) operators to register their agents, merchants, and individuals with the commission, in line with legal requirements and Central Bank of Nigeria (CBN) directives.

With over 1.9 million PoS terminals deployed nationwide, the CAC boss, Hussaini Ishaq Magaji, emphasized the need for registration to protect Fintech customers' businesses and enhance the economy, citing Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA), 2020, and 2013 CBN guidelines on agent banking.

The registration deadline, set to expire on July 7, 2024, is not targeted at specific groups or individuals but aims to provide business protection, according to the CAC boss. Fintech companies have agreed to the two-month timeline to register their agents, merchants, and individuals with the CAC.

Crackdown on Fraud and Cryptocurrency Trading

This directive comes amid rising fraud incidents involving POS terminals and plans by the CBN to halt trading in cryptocurrency or any virtual currency. The CBN has directed major fintech firms to stop onboarding new customers and warned against trading in cryptocurrency or virtual currency on their apps, threatening to block accounts engaging in such activities."

Collaboration and Awareness Crucial

Various speakers from the fintech industry have committed to collaborating with the commission to ensure a smooth implementation of the directive. However, they emphasized the importance of thorough and collective awareness efforts to ensure the initiative yields the intended outcomes.