Some Point of Sale (PoS) operators in the Federal Capital Territory have criticized the new directive from the Corporate Affairs Commission (CAC) requiring them to register with the Commission. They have expressed their intention to raise service charges in response to this requirement. The CAC issued a two-month registration deadline, stating that PoS operators must register their businesses in accordance with the legal requirements set by the Central Bank of Nigeria (CBN).
In interviews with the News Agency of Nigeria (NAN) on Wednesday, PoS operators highlighted concerns about the financial implications of registration, predicting that it would increase transaction costs for customers and lead to higher service charges. They emphasized that the registration process would eat into their profits and deter potential operators from entering the business.
According to Mr. Kofi Kolawole, a PoS agent, the registration costs would inevitably be passed on to customers, resulting in higher transaction fees. Similarly, Mr. Clement Agbasi expressed concerns that the directive contradicted the CBN’s financial inclusion efforts, suggesting that it could prompt individuals to keep their cash at home rather than incur additional charges for online transactions.
He emphasized that the original purpose of the PoS business was to enhance access to banking services for the unbanked population, but the new registration requirement and associated costs could discourage people from utilizing these services.
This development occurs against the backdrop of the recent implementation of a 0.5 percent cybersecurity levy on all electronic transactions by the CBN.
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