- The Corporate Affairs Commission (CAC) has established a facility for the bulk registration and entry of Point of Sale (PoS) agents into its database.
- While inaugurating the centre in Abuja, CAC Registrar-General Hussaini Magaji emphasised the importance of the move and the centre's capabilities. He mentioned that the centre would facilitate requests from operators that voluntarily submitted their agents and merchants for regularisation with the commission.
- This follows the Federal Government's directive, through the CAC, that PoS companies register their agents within two months.
At the launch, Magaji stated, “We have launched a 24-hour service centre to accommodate enquiries from Point of Sales operators and agents who may want to register as directed by the new policy. The secretariat is filled with staff members saddled to approve requests. We have equipped the secretariat with the necessary facilities.”
Following the directive, PoS operators should be aware that failure to comply will result in the country's security agencies pursuing them beginning July 7, 2024, a 60-day period from the date registration begins.
“The deadline remains 60 days, and it will end July 7th. After the deadline, we would go after defaulters, if you have been identified as a criminal, security agents will go after you," the Magaji said.
The directive also seeks to combat fraud and crime by making it easier to identify the company's owners and perpetrators. According to Magaji, if the agents are not registered, nothing can be done, which is the reason for registration.
Meanwhile, this exercise exposes the operators to taxation and other benefits such as loan access and regulatory compliance.
The registration captures information such as the NIN, passport photograph, and other relevant documents. This also provides "an opportunity for more people to be captured into the formal sector," according to the CAC Registrar-General.
The directive, which applies to Nigeria's 1.8 million PoS agents, follows a fraud report by the Nigeria Inter-Bank Settlement System Plc (NIBSS), which found that PoS terminals contributed 26.37% of fraud incidents in 2023.
The Central Bank of Nigeria (CBN) launched agent banking and point-of-sale systems in 2013 to increase financial inclusion and keep up with the country's growing population.
