The Corporate Affairs Commission (CAC) has issued a mandate to all financial institutions to adhere to the Central Bank of Nigeria’s (CBN) directive requiring the compulsory registration of Point of Sale (PoS) operators across the nation.
The directive from the CAC, as stated by the Registrar-General and CEO, Hussaini Magaji (SAN), aligns with Section 863(1) of the Companies and Allied Matters Act (CAMA) and the CBN’s 2013 guidelines for Agent Banking.
Previously, on April 30, 2024, the CBN had instructed all entities involved in Agent Banking Authorization to promptly register with the CAC, as per Section 863 of CAMA 2020, making it a prerequisite for all PoS terminals, including agents, merchants, or individuals, to be registered prior to initiating operations.
“The Registrar-General has called for strict adherence to the legal requirements to foster economic development,” said the CBN in its statement.
Magaji, speaking at an event in Abuja, emphasized that the nationwide compulsory registration of PoS operators is a strategic move to curb kidnapping and aid security forces in tracking down those receiving ransom payments.
In 2023, PoS terminals were implicated in 26.37% of fraud incidents, as reported by the Nigeria Inter-Bank Settlement System Plc.
