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CAC Warns PoS Operators of Shutdowns as Registration Deadline Elapses
CAC, Corporate Affairs Commission, has reminded Point of Sale operators (POS) across Nigeria that the deadline for business registration.
Recall, the commission gave the operators grace to get their business registration done. The deadline was initially July 7, 2024, before it was shifted to September 5, 2024, which has now ended.
CAC Involves Law Enforcement To Crack Down On Rogue PoS Operators
The CAC went on to commend the businesses that have complied with the directive. Also, it noted with concern the significant number of operators who have not adhered to the directive.
To address this issue, the CAC has indicated that it will work closely with law enforcement agencies and other relevant stakeholders to enforce compliance.
This enforcement may involve severe measures, including potential business shutdowns and other legal repercussions for non-compliant operators.
While the commission did not disclose the number of businesses that complied, the directive applies to the up to 1.9 million PoS agents who intend to continue operating in the country.
The commission said, “Recalcitrant operators have refused to adhere to the advice for formalization, possibly due to engagement in unwholesome activities or for reasons best known to them.”
Also Read: CAC Extends The Deadline for Point-of-Sale (PoS) Operators’ Registration
CAC Initiative To Ensure A Secure and Regulated Financial Environment
The Federal Government, through the Corporate Affairs Commission, had previously set a two-month deadline for POS operators to register their agents, merchants, and individuals with the commission in compliance with legal requirements and the directives of the Central Bank of Nigeria.
This directive was issued in response to a rise in fraud incidents involving POS terminals and CBN’s plans to prohibit trading in cryptocurrencies and other virtual currencies.
The CAC’s registration initiative aims not only to reduce fraud but also to tackle issues related to kidnapping and ransom payments.
The Commission’s enforcement actions will be critical in ensuring that all PoS operators comply with the legal requirements, thereby fostering a more secure and regulated financial environment.
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