Some Point of Sale (PoS agents) in the FCT have expressed concern over the Corporate Affairs Commission’s (CAC) new rule requiring them to register with the commission.
On Monday, the CAC set a two-month registration deadline to PoS operators to register their agents, merchants, and people with the commission in accordance with regulatory requirements and Central Bank of Nigeria (CBN) regulations.
The agents, who talked with NAN in Abuja on Wednesday, said the registration, which would cost money, would affect the transaction costs paid by clients. Mr Kofi Kolawole, a PoS agent, said that the registration would reduce the business’s income. Kolawole stated that the registration will also dissuade others from entering the industry.
“I understand that when our operators complete this registration, the amount they charge us will increase. “This means that the cost we charge for each transaction will rise, and our customers will bear the burden,” he explained.
Another PoS agent, Mr Clement Agbasi, said the directive undermined the CBN’s financial inclusion objective. According to Agbasi, this directive will encourage many customers to conserve their money at home rather than being paid a high fee for online transactions. “The PoS business was designed to bring banks closer to the unbanked and make things easier for them.
“With all these charges, including the 0.5% cyber-security levy on customers, many people will be discouraged from depositing their money in banks,” he stated.
Miss Loretta Ubong, another PoS agent, stated that while the registration was a positive move, it must be done in a way that is not detrimental to businesses. Ubong asked CAC to conduct the registration in accordance with best practices. “I am a student who uses the proceeds from this business to pay my expenditures.
“The Commission should not conduct the registration in a way that will kill my business,” she stated. Mrs Ndidiamaka Ibe, a customer, said the registration will help to prevent money theft and sharp practices via PoS. “I was a victim of one-chance, and my over two million naira was removed from a POS.
“When I got to my bank, they couldn’t find the owner of the POS. “I believe the Federal Government is attempting to check things like this so that when fraud is committed by a PoS agent, he or she can be easily traced,” she stated.
PoS agent
According to NAN, CAC stated that the registration was intended to protect Fintech customers’ businesses while also strengthening the economy. Hence, the Commission has set a July 7 registration deadline.
Source: vanguardngr.com
