CBN Mandate All PoS Operators to Register with CAC

By Iyojo Ameh

In an effort to combat fraudulent activities and promote transparency in financial transactions, the Central Bank of Nigeria (CBN) has mandated all point-of-sale (PoS) operators to register with the Corporate Affairs Commission (CAC) within a stipulated two-month period.

With PoS terminals being implicated in a significant proportion of fraud cases, accounting for 26.

37% of incidents in 2023, this regulatory measure aims to instill accountability and integrity in the use of PoS systems.

As of 2022, Nigeria boasted 1.

8 million PoS agents, all of whom are now required to undergo registration with the CAC to continue their operations.

The directive follows discussions held between fintech industry representatives and Hussaini Magaji (SAN), the Registrar-General/Chief Executive Officer of the CAC, convened in Abuja on Monday, May 7th.

Magaji clarified that the registration deadline of July 7th aligns with both legal obligations and the directives issued by the CBN.

“The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria,” affirmed Magaji.

This concerted effort between regulatory authorities and fintech firms underscores the commitment to ensuring compliance with industry standards and safeguarding the integrity of financial transactions across Nigeria.