in its effort to regulate the operation of pos units in nigeria, The Federal Government said that the registration of Point-of-Sales operators nationwide is now mandatory. it said that this move  will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims.

The Corporate Affairs Commission (CAC) has opened a new center specifically designed to handle the bulk registration of Point of Sale (PoS) operators. This initiative aims to streamline the process for fintech companies that voluntarily submitted their agents and merchants for official registration with the CAC.
Hussaini Ishaq Magaji, the Registrar General of the CAC, announced the launch of the center located in Abuja. He explained that the center is equipped with cutting-edge technology and staffed with qualified personnel to handle applications efficiently, operating 24/7.

 

This move follows a two-month deadline issued earlier by the CAC for POS operators to register their agents and merchants. The registration aligns with legal requirements and directives set forth by the Central Bank of Nigeria (CBN).

 

Magaji emphasized the CAC's commitment to enforcing Section 863(1) of the Companies and Allied Matters Act (CAMA) 2020, along with the CBN's Agent Banking guidelines established in 2013. He further highlighted this initiative's contribution to President Buhari's goals of promoting financial inclusion for young people and bolstering efforts to combat financial crimes and fraud within the country.