CAC Registration Order Sparks Outcry From PoS Agents, Customers To Bear the Brunt

CAC Registration order has sparked an outcry from PoS Agents and they have said that customers will bear the brunt.

 

NewsOnline Nigeria reports that some Point of Sale (PoS) agents in the FCT have frowned at the new directive of the Corporate Affairs Commission (CAC) for them to register with the commission.

This Nigeria news platform reported that the CAC on Monday issued a two-month registration deadline to PoS operators to register their agents, merchants, and individuals with the Commission in line with legal requirements and the directives of the Central Bank of Nigeria (CBN).

 

The agents, who spoke to News Agency of Nigeria (NAN) in Abuja on Wednesday, said the registration, which would require payment of fees, would impact on transaction cost to be bored by customers.

 

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A PoS, Kofi Kolawole, said the registration order would deplete the profits in their business.

Kolawole said the registration would also discourage people from embracing the business.

“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,’’ he said.

Another PoS agent, Clement Agbasi, said the directive negated the financial inclusion initiative of the CBN.

Agbasi said that 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 per cent cybersecurity levy on customers, many people will be discouraged from putting their money in banks,’’ he said.

Miss Loretta Ubong, another PoS agent, said that although the registration was a welcome development, it must be done in a way that would not be detrimental to businesses.

Ubong appealed to CAC to conduct the registration in line with best practices.

“I am a student and I use the proceeds from this business to pay my bills.

“The Commission should not do the registration in a way that will kill my business,’’ she said.

However, Mrs Ndidiamaka Ibe, a customer said the registration would help to check financial frauds and sharp practices perpetrated with PoS terminals.

“I was a victim of one-chance and my over N2million was withdrawn from a PoS.

“When I got to my bank, they could not trace the owner of the PoS.

“I think that is what the Federal Government is trying to do is to check things like this, so that when fraud is perpetrated by a PoS agent, he or she can be easily traced,’’ she said.

The CAC had said that the registration was aimed at safeguarding businesses of Fintech’s customers and strengthening the economy.

The Commission had given July 7, 2024, as the deadline for the registration.