*Agents Warn Customers Will Pay More
THE Corporate Affairs Commission (CAC) has inaugurated a centre for bulk registration of Point of Sale (PoS) operators in its database.
The CAC Registrar General, Hussaini Magaji, who disclosed this while inaugurating the centre stationed at its Federal Capital Territory (FCT) Office in Abuja, on Wednesday, May 8, said the importance of registering the PoS operators in the Commission’s database cannot be over emphasised.
He assured that the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the Commission’s achievement of its purpose, adding: “What we did was accommodate the request from the Fintechs.
“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure and we gave them access.
“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.
“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so.”
He restated that the centre would be opened to all operators in the fintech industry that voluntarily submit their agents and merchants for regularisation with the CAC, noting that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.
Magaji expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.
On security, he explained that if a crime is committed using the PoS, government would easily trace the perpetrators to the CAC data platform if such machines were registered, adding: “If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.
“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.
“It is an opportunity for more people to be captured into the formal sector.”
Meanwhile, some PoS agents in the FCT have frowned at the directive by the CAC for them to register with the Commission within two-month, in line with legal requirements and directives of the Central Bank of Nigeria (CBN).
The agents said the registration, which would require money, would impact on transaction cost paid by customers.
A PoS agent, Kofi Kolawole, said the registration would deplete the profits in the business and also discourage people from entering the business, noting: “I know that this registration when actualised by our operators will increase the amount they charge us.
“This means that the cost we charge on each transaction will increase, so our customers will bear the cost.”
Another PoS agent, Clement Agbasi, said the directive negates CBN’s financial inclusion initiative and would cause many customers to save their cash at home, rather than being charged heavily for their online transactions.
“The PoS business was geared toward bringing the banks closer to the unbanked and making it easier for them. With all these charges, including the 0.5 per cent cybersecurity levy on customers, many people will be discouraged from putting their monies in banks.”
Another PoS agent, Loretta Ubong, said that although the registration was a welcome development, it should be done in a way that would not be detrimental to businesses.
While appealling to CAC to conduct the registration in line with best practices, Ubong stated: “I am a student and I use the proceed from this business to pay my bills.
“The Commission should not do the registration in a way that will kill my business.”
However, a customer, Ndidiamaka Ibe, said the registration would help to check financial frauds and sharp practices perpetrated with PoS.
“I was a victim of one-chance and my over N2million was withdrawn from a PoS.
“When I got to my bank. They could not trace the owner of the PoS.
“I think the federal government is trying to check things like this, so that when fraud is perpetrated by a PoS agent, he or she can be easily traced,” she said.
The Commission had given July 7 as deadline for the registration
