New Directive from CAC
Some Point of Sale (PoS) agents in the Federal Capital Territory (FCT) have voiced their dissatisfaction with a new directive from the Corporate Affairs Commission (CAC) mandating them to register with the commission. The directive, issued on Monday, requires PoS operators to register their agents, merchants, and individuals within a two-month deadline, aligning with legal requirements and the directives of the Central Bank of Nigeria (CBN).
Impact on Transaction Costs
Expressing their concerns, PoS agents in Abuja highlighted that the registration process, which incurs expenses, will ultimately increase transaction costs borne by customers. Kofi Kolawole, a PoS agent, emphasized that the registration fees would eat into their profits, potentially deterring individuals from entering the business altogether.
Negation of Financial Inclusion Initiatives
Clement Agbasi, another PoS agent, lamented that the directive contradicts the financial inclusion initiatives spearheaded by the CBN. He argued that excessive charges could prompt customers to revert to traditional cash transactions, undermining efforts to bank the unbanked.
Appeals for Consideration
While acknowledging the importance of registration, Loretta Ubong, a PoS agent and student, urged the CAC to conduct the process in a manner that preserves business viability. She emphasized the need for adherence to best practices to prevent adverse impacts on livelihoods.
Customer Perspectives
On the other hand, some customers, like Mrs. Ndidiamaka Ibe, expressed support for the registration mandate, citing its potential to curb financial fraud and enhance accountability within the PoS ecosystem.
CAC’s Justification
The CAC defended the registration mandate, asserting its role in safeguarding Fintech businesses and bolstering the economy. The commission has set a deadline of July 7 for compliance with the registration requirement.
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Written By: Doris Chinwe Omemgbeoji