The Corporate Affairs Commission has instructed banks to ensure the registration of their customers in the agent banking platform on or before July 7, 2024.
This was disclosed in a statement by the Registrar-General/CEO of CAC, Hussaini Ishaq Magaji on Tuesday.
According to the statement, Magaji in a letter to banks, directed banks to register their customers in the agent banking platform, also known as POS operators on or before July 7, 2024, by the 863(1) of CAMA and the CBN guidelines for Agent Banking, 2013.
Magaji said the directive is not targeted at any individual but aimed at ensuring the protection of businesses.
In his remarks, the Special Adviser to President Tinubu, Tokoni Igoin Peter, promised to do whatever is necessary to ensure smooth facilitation of the process in line with the Renewed Hoped agenda of the president.
“Several speakers from the fintech industry pledged to collaborate with the Commission to ensure hitch-free implementation of the directive.
“Some of them, however, stressed the need for adequate and collective sensitization to ensure that the exercise achieved the desired results,” the CAC said in its statement.
One of the measures taken by regulators to combat fraud through PoS is that payment processing services must be registered.
According to the 2023 Annual Fraud Landscape report released by the Nigeria Inter-Bank Settlement System, PoS channels were reported to be one of the most exploited payment channels by fraudsters in 2023.
NIBSS data also showed that the losses from PoS fraud increased to N4.4 billion in 2023, compared with 2.6 billion in 2022.
