The Corporate Affairs Commission (CAC) has directed banks in the country to ensure compliance with the Central Bank of Nigeria (CBN)’s order on compulsory registration of Point of Sale (PoS) operators within the country.
The CBN had in a memo issued on April 30 directed all non-individuals on the Agent Banking Authorization to immediately take steps to register their businesses with the CAC in line with Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
The directive made it mandatory for PoS terminals whether as agents, merchants, or individuals to register with CAC before the commencement of business.
The memo read: “The Registrar-General therefore enjoined the banks to ensure maximum compliance with the requirements of the law to ensure economic growth,” the CBN statement added.
However, some PoS agents in the Federal Capital Territory (FCT) on Wednesday rejected the directive on the compulsory registration of their operations with the CAC.
They argued that the registration would impact on transaction cost paid by customers.
One of the agents, Mr. Kofi Kolawole, said the registration would deplete the profits of the business.
READ ALSO: CBN gives deadline for PoS operators to register with CAC
He noted that the registration would also discourage people from entering the business.
Kolawole said: “I know that this registration when actualised by our operators will increase the amount they charge us.
“This means that the cost we charge on each transaction will increase, so our customers will bear the cost.”
Another agent, Mr. Clement Agbasi, said the directive negated the financial inclusion initiative of the CBN.
He said the directive would cause many customers to save their cash at home rather than being charged heavily for their online transactions.
“The PoS business was geared toward bringing the banks closer to the unbanked and making it easier for them.
“With all these charges including the 0.5 percent cyber-security levy on customers, many people will be discouraged from putting their monies in banks,’’ Agbasi added.
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