POS Agents Decry CAC’s Registration Mandate

Some Point of Sale (PoS) agents in the FCT have frowned on the Federal Government’s directive that they should register with the Corporate Affairs Commission (CAC).

The CAC on Monday issued a two-month registration deadline to PoS operators to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria (CBN).

The agents, who spoke to NAN in Abuja, said the registration which would require money will impact on transaction cost paid by customers.

Kofi Kolawole, a PoS agent, said the registration would deplete the profits in the business.

Kolawole said the registration would also discourage people from entering the business.

He said: “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 negated the financial inclusion initiative of the CBN.

Agbasi said that the directive would cause many customers to save their cash at home rather than being charged heavily for their online transactions.

He said: “The PoS business was geared toward bringing the banks closer to the unbanked and making it easier for them.”