PoS Operators Move to Hike Charges as CBN, CAC Order Agents to Register Businesses
- PoS operators have decried the directives of the CAC and the CBN for them to register their operations
- The operators said that they would incur more costs, which could lead to a hike in charges to be borne by the customers
- The CBN and CAC had issued a July deadline notice to the operators to register their businesses
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Following the calls by the Central Bank of Nigeria (CBN) and the Corporate Affairs Commission for point-of-sale operators to register their businesses, some agents have said the move will result in a hike in charges.
The operators frowned at the new order of the CAC and the CBN for them to register their operations.
Source: UGC
CAC issues a two-month deadline
The CAC issued a two-month deadline to the operators on Monday, May 6, 2024, to register their agents, merchants, and persons with the commission by the CBN's legal requirements and directives.
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According to reports, agents said the registration, which will require fee payments, would affect transactions, which could be passed on to the customers.
The agents said the order would erode the profits and discourage more people from embracing the business.
The commission had revealed that the registration aims to safeguard fintech operators' businesses and strengthen the economy.
The CAC gave July 7, 2024, as the deadline for the registration.
The PoS agents have been pushing for a hike in charges since 2022 at the peak of the cash scarcity caused by the naira design.
The agent said at the time that it costs more to do business as they had to go through tough times to get cash for operations.
The move led the CBN to issue directives to the operators to maintain the approved two per cent charge per transaction.
CAC opens new centre for registration
Meanwhile, other reports say that CAC has opened a centre to register PoS operators in bulk in Nigeria.
The Registrar-General and CEO of the Commission, Hussaini Magaji, unveiled the centre at the Federal Capital Territory on Wednesday, May 8, 2024.
Maaji disclosed that the centre has state-of-the-art facilities to handle the registration project.
CBN gives instructions to PoS operators
Legit.ng earlier reported that the CB) has instructed all Point-of-Sale operators in the country to register their businesses with the Corporate Affairs Commission (CAC) in two months.
This was revealed after a meeting between Fintechs and the Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji (SAN) in Abuja on Monday, May 7, 2024.
The CAC boss said the two-month registration timeline, which will expire on July 7, was not targeted at any groups or individuals but was “in line with legal requirements and the directives of the Central Bank of Nigeria."
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Source: Legit.ng
