The Corporate Affairs Commission (CAC) has opened a new centre in Abuja to make it easier for PoS agents to register. The Registrar-General of CAC, Hussaini Magaji, explained that this centre will help PoS operators register their agents and merchants quickly.
It’s all part of a new government rule that says PoS companies must register their agents within two months.
Magaji said, “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.”
But here’s the catch: if PoS operators don’t register their agents by July 7, 2024, security agencies will come after them. This rule aims to stop fraud and crime by making sure everyone involved in PoS transactions is known.
Registering also brings benefits like easier access to loans and obeying the law when it comes to taxes and regulations. And it’s not just about following rules; registering also means more people join the formal economy.
To register, agents need to provide their National Identification Number (NIN), a passport photo, and other necessary documents. This rule affects about 1.8 million PoS agents in Nigeria.
This move comes after a report found that PoS terminals were involved in over a quarter of fraud cases in 2023.
The Central Bank of Nigeria started agent banking and PoS systems in 2013 to include more people in the financial system as Nigeria’s population grows.
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