CAC Warns Unregistered PoS Operators as Registration Deadline Passes

Nigeria’s Corporate Affairs Commission (CAC) has issued a warning to Point of Sale (PoS) operators nationwide following the expiration of a registration deadline. Warri Sentinel can confirm the deadline, initially set for July 7, 2024, ended on September 5, 2024, with incomplete compliance from all operators.

In a statement issued on Friday, the CAC expressed dissatisfaction with the lack of adherence to the registration directive, despite the widespread presence of PoS operators in Nigeria. The Commission commended those who complied, recognizing their efforts to formalize their businesses.

However, the CAC highlighted concerns about the large number of operators who have yet to meet the registration requirements. The statement noted, “Some operators have neglected to follow the advice for formalization, possibly due to involvement in illicit activities or other unclear reasons.”

The CAC emphasized its commitment to enforcing compliance, stating that it is working with law enforcement agencies and other relevant bodies to establish a robust enforcement and sanction framework. This may include severe legal actions, such as the potential shutdown of non-compliant businesses.

The Federal Government, through the CAC, had set a two-month deadline for PoS operators to register their agents, merchants, and individual entities. This measure, aligned with Central Bank of Nigeria regulations, was prompted by a report from the Nigeria Inter-Bank Settlement System Plc, which revealed that PoS terminals were involved in 26.37% of fraud incidents in 2023.