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CAC Cracks Down on Unregistered PoS Operators

Esther

The Corporate Affairs Commission (CAC) has reiterated its firm stance on the mandatory business registration for Point of Sale (PoS) operators across Nigeria.


The deadline for compliance expired on September 5, 2024, and the CAC is now taking steps to ensure full adherence to this regulation.


In a public notice issued on Friday, the CAC expressed significant concern over the low compliance rate among PoS operators.


The Commission suggested that many unregistered operators might be involved in "unwholesome activities," raising alarms about potential illegal practices within the sector.


Despite facing legal challenges from fintech operators under the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), who oppose the compulsory registration, the CAC remains resolute. "Non-compliant operators could face legal actions, including shutdowns," the Commission warned.


The CAC is collaborating closely with law enforcement agencies to enforce this mandate. "We are working diligently to ensure that all PoS operators comply with the registration requirement," a CAC spokesperson stated. "This is crucial for maintaining the integrity and security of financial transactions in Nigeria."


The implications of this directive are far-reaching, affecting not only the fintech industry but also the broader business environment in Nigeria.


The CAC's stringent measures underscore the importance of regulatory compliance in fostering a secure and transparent business ecosystem. For PoS operators who have yet to register, the message is clear: immediate action is required to avoid severe penalties.


The CAC's renewed call serves as a critical reminder of the legal obligations that come with operating within Nigeria's financial landscape.


As the situation develops, stakeholders in the fintech and business communities are urged to stay informed and compliant to navigate the evolving regulatory environment effectively.




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