CAC Perfects System, Sets Up Facility To Aid PoS Agents Database | Independent Newspaper Nigeria

Source: Independent Newspapers Nigeria

ABUJA - The Corporate Affairs Commission (CAC) has set up a facility for bulk registration and entry of Point of Sale (PoS) agents into its database.

During the inauguration in Abuja recently, CAC Registrar-General Hussaini Magaji, stressed the significance of this move and the center's capabilities, noting that it would streamline requests from operators who voluntarily submitted their agents and merchants for regularization with the commission.

This action aligns with the Federal Government's directive, conveyed through the CAC, mandating PoS companies to register their agents within two months.

Magaji, at the launch, announced the establishment of a 24- hour service center to handle inquiries from Point of Sale operators and agents seeking registration as per the new policy.

The secretariat is staffed to process requests and furnished with essential facilities.

In compliance with the directive, PoS operators must heed that non-compliance will prompt security agencies to pursue them starting July 7, 2024, marking a 60-day window from the commencement of registration.

"The deadline remains at 60 days, concluding on July 7th. Post-deadline, defaulters will be pursued, and if flagged as criminal, security agents will take action," Magaji emphasised.

The directive also aims to combat fraud and crime by enhancing the identification of company owners and wrongdoers. Magaji emphasized that registration is crucial as without it, no actions can be taken.

Moreover, this process exposes operators to taxation, loan access, and regulatory compliance benefits.

Registration entails capturing details like the NIN, passport photo, and other pertinent documents, offering "an avenue for increased formal sector inclusion," as per the CAC Registrar-General.

The directive, applicable to Nigeria's 1.8 million PoS agents, follows a fraud report by the Nigeria Inter-Bank Settlement System Plc (NIBSS), revealing that PoS terminals accounted for 26.37% of fraud incidents in 2023.

In 2013, the Central Bank of Nigeria (CBN) introduced agent banking and point-of-sale systems to boost financial inclusion and cater to the nation's expanding population.