The Nigerian Government has reiterated that registration for Point-of-Sale (PoS) operators nationwide is mandatory, adding that it will assist in combating kidnapping and apprehend recipients of ransom payments.
Hussaini Magaji, Registrar-General of the Corporate Affairs Commission said failure to comply with the directive to register with the Corporate Affairs Commission after July 7, 2024, will result in security agencies taking action against non-compliant PoS operators.
Hussaini made this disclosure during the formal launch of the CAC registration of agents and merchants of fintechs in Abuja.
The event also marked the introduction of a 24-hour service center to facilitate prompt responses to inquiries and approvals for prospective applicants.
Magaji emphasized the government’s commitment to full implementation by providing a fully digitized service center for seamless registration.
He stressed that the registration process adheres to legal requirements and CBN directives, warning that the 60-day deadline would not be extended, and defaulters would face appropriate penalties.
“The POS terminal holders are doing business, and we are now enforcing part of the provision of the Company and Allied Matters Act. We have been on this issue since December and extending it to July means they have six months. We have provided a timeline in the interest of their business,” he said.
The mandatory registration aims to reduce crime and fraudulent practices by providing security agencies with access to crucial data, according to him.
He added that registered entities will be traceable in case of criminal activities, enhancing accountability and facilitating law enforcement efforts.
He furthered that beyond taxation, registration offers numerous benefits, including access to loans, legality, and compliance with regulatory requirements.
Magaji emphasised that the deadline extension until July provides ample time for compliance, ensuring the best interests of businesses.
The Registrar-General reiterated that the timeline was not intended to target specific groups or individuals but genuinely aimed at safeguarding businesses.