The Corporate Affairs Commission (CAC) has issued a final reminder to Point of Sale (PoS) operators in Nigeria that the deadline for business registration, which was initially set for July 7, 2024, has now passed as of September 5, 2024.
In a recent statement, the CAC expressed concern over the lack of compliance with the registration requirement despite the high number of PoS operators in the country. The commission acknowledged and praised those operators who have complied with the registration process, commending their positive approach.
However, the CAC also expressed disappointment with the many operators who have not adhered to the directive. The statement highlighted, “Some operators have neglected the formalization process, possibly due to involvement in questionable activities or other undisclosed reasons.”
To address this issue, the CAC is collaborating with law enforcement and other relevant bodies to implement a strict enforcement and sanction policy. This could involve shutting down non-compliant businesses and other severe legal repercussions.
The Federal Government, through the CAC, had earlier mandated a two-month window for PoS operators to register their agents, merchants, and individual operators to align with legal standards and the Central Bank of Nigeria’s directives. This measure was introduced in response to increasing fraud cases involving PoS terminals and the CBN’s upcoming ban on trading in cryptocurrencies and virtual currencies.
According to the Nigeria Inter-Bank Settlement System Plc, PoS terminals were linked to 26.37% of fraud incidents in 2023. The CAC’s registration initiative aims to curtail fraud and address issues like kidnapping and ransom payments.
Post A Comment: