Police To Go After Illegal PoS Operators Without CAC Registration

The federal government has announced that it will need mandatory registration of Point-of-Sale operators across the country in order to reduce abduction and assist security services in apprehending recipients of ransom payments from kidnap victims.

Recall that the government, through the CAC, set a two-month registration deadline for PoS operators to register as corporate bodies with the commission, in accordance with the Central Bank of Nigeria’s regulatory requirements and regulations.

Hussaini Magaji, the Registrar-General of the CAC, has pledged that security authorities will pursue PoS operators who fail to register with the Corporate Affairs Commission after July 7, 2024.

Speaking at the formal launch of the CAC registration of agents and merchants of fintech in Abuja, Hussaini said; “We have launched a 24-hour service centre to accommodate enquiries from Point of Sales operators and agents who may want to register as directed by the new policy. The secretariat is filled with staff members who have the responsibility of availability, and some are being saddled with the responsibility of approving requests. We have equipped the secretariat with the necessary facilities.

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“This is to show you how the government is taking this issue seriously and the centre will be open for a 24-hour service. It will be open for compliance and any feedback from the public especially PoS operators who have been mandated to register their businesses with the commission.”

“We have trained our staff to accommodate these activities and these staff can work from home and that’s why we said 24-hour service. We have equipped them with facilities and they can work from home for approvals and availability segment. The deadline remains 60 days and it will end July 7th.”

The CAC boss also indicated that the timeframe was not intended to target specific groups or individuals, but rather to protect businesses.

“Of course, the mandatory registration will reduce crime and fraudulent practices, the commission is hosting data and if any crime is committed anywhere, the security agencies would have to reach us to know the people behind the company and the fraudsters. But if they are not registered, we can’t do anything and that’s the essence of the registration.

“We have had a situation where a ransom is being paid with a PoS terminal and a lot of fraud but after the registration, if anything happens we can provide the details of the persons behind the company to the government. We will capture the picture and other relevant information and this is a good development for the country.”

He further stressed that; “after the deadline, we would go after defaulters, If you have been identified as a criminal, security agents will go after you, we will go after them because some are being chased by the security agencies already.”

“The law has stated that for any person to carry out business activity in the country, your business must be legitimate and for your business to be legitimate you must register, either you are doing your business as an individual or as an agent, you must register with us.

“The POS terminal holders are doing business, and we are now enforcing part of the provision of the Company and Allied Matters Act. We have been on this issue since December and extending it to July means they have six months. We have provided a timeline in the interest of their business.”

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Nnamdi Okoli