The Corporate Affairs Commission has taken a significant step towards the bulk registration of Point of Sale operators in Nigeria with the unveiling of a dedicated center for this purpose.
This move comes in the wake of a recent two-month deadline issued to PoS operators to undergo registration, aimed at sanitizing the business segment and enhancing regulatory compliance.
PoS operators working with fintech companies such as OPay, Palmpay, Moniepoint, and Fairmoney have been given until July 7, 2024, to complete their registration with the commission.
The Registrar-General/CEO of CAC, Hussaini Ishaq Magaji (SAN), inaugurated the center located at the commission’s FCT Zone 5 Office on Wednesday, as revealed in a statement from the commission.
While it remains uncertain if a similar center will be established in Lagos, given the significant number of operators in the state, Magaji emphasized the center’s readiness to handle the registration process efficiently.
Equipped with state-of-the-art facilities and staffed with personnel capable of processing applications promptly, the center aims to streamline the registration process and operate round-the-clock to meet the needs of PoS operators.
Magaji reiterated the center’s role in facilitating requests from fintech industry operators who voluntarily submit their agents and merchants for regularization with the CAC.
He underscored the commission’s commitment to ensuring compliance with relevant regulatory provisions, including Section 863(1) of the Companies and Allied Matters Act 2020, and the Central Bank of Nigeria guidelines for Agent Banking, 2013.
Furthermore, Magaji emphasized the center’s alignment with President Bola Ahmed Tinubu’s vision for financial inclusion among the youth and the government’s efforts to combat financial fraud and other crimes.
However, despite the collaborative approach between the CAC and PoS agents’ representatives regarding the registration timeline, some operators, particularly in the Federal Capital Territory, have expressed concerns over the financial implications of the registration requirement.
PoS agents have highlighted their apprehensions regarding the financial burden associated with the registration directive.
This suggests that while the registration initiative aims to enhance regulatory compliance and accountability within the PoS business segment, challenges and concerns among operators persist and warrant further attention.
