POS registration will checkmate kidnapping, criminals
The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, revealed on Wednesday, May 8, that the Nigerian government has tasked Fintech companies, commonly known as Point of Sale (POS) providers, to register with the commission.
He said that criminals are increasingly using POS machines to extort money from their victims.
The registration is to enable the government to track kidnappers, criminals, and one-chance operators causing pain for Nigerians at the moment.
The RG disclosed this at the formal launch of CAC registration agents and merchants of Fintech in Abuja, stating that the commission is presently training staff to work twenty-four hours round the clock to meet the demand of the people.
Magaji said: “This training is to equip the trainers to work round the clock, not just office hours, which means they can work from home since they have all the facilities they need. The registration for POS operators is still ongoing, it will close by the 7th of July 2024. No matter what business you operate in Nigeria today, you are under the law of Nigeria to ensure your business is registered with the CAC.
“We assume that in that 60 days, all POS operators must have registered their businesses. This must be done in the interest of their interest, again if a business or an individual has been using a POS machine without registration, just know that from the day you acquired that POS you are being charged N200, and every day counts, so the day you come for registration your payment for the machine will be backdated to the day you started using it.
“In most banks presently, there are POS machines which are not registered and not attracting any charges, even though they are in the bank, they should be registered and charges met like any other POS on the street. After the deadline of 60 days without registration, they will be termed as criminals.”
The RG said most criminals now move around with POS machines, if registered and documented, when anything happens and the commission is involved the POS can be traced through its registered number, and the criminals caught.
He said with the registration, “these groups of people can get loans from the bank, knowing the legitimacy of their businesses.”