Some Points of Sale operators in the Federal Capital have taken issue with the Corporate Affairs Commission’s (CAC) recent rule requiring them to register with the Commission. 

The PoS providers promised to raise their charges following the development.

According to ZINGTIE, the CAC gave PoS operators till Monday, February 1st, to register their operations in accordance with the Central Bank of Nigeria’s (CBN) legal criteria. 

In response to the mandate, PoS Operators stated in a Wednesday interview with NAN that the registration, which would cost money, would affect consumer transaction costs and ultimately increase service charges. 

Nigerian govt orders all PoS operators to register with CAC, reveals deadline

A PoS agent, Mr. Kofi Kolawole, said that the registration would wipe out the company’s earnings. 

He lamented that registering will deter customers from patronizing the business.

“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,” he said.

According to Mr. Clement Agbasi, the directive undermined the CBN’s financial inclusion program.

Agbasi predicted that instead of paying high fees for online purchases, many customers would conserve their cash at home due to the rule.

“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 percent cyber-security levy on customers, many people will be discouraged from putting their money in banks,” he said.

This comes after CBN recently imposed a 0.5% cybersecurity fee on all electronic transactions.  

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