The Association of Mobile Money and Bank Agents in Nigeria has linked the low turnout for Point of Sale, PoS, registration to its ongoing legal dispute with the Corporate Affairs Commission, CAC.…..For More READ THE FULL ARTICLE HERE ▶▶...CLICK HERE TO CONTINUE READING.>>
According to The PUNCH, the Federal Government, through the CAC, had imposed a two-month deadline for PoS companies to register their agents, merchants, and individuals with the Commission.
Thank you for reading this post, don't forget to subscribe!This directive aimed to enhance compliance with legal requirements and address issues such as fraud, kidnapping, and ransom payments, as instructed by the Central Bank of Nigeria. Initially set for July 7, 2024, the deadline was extended to September 5.
Despite the extension, the CAC has expressed concern over the low compliance levels with the registration requirements. The Commission noted that many PoS operators have yet to comply, even with a significant number of such operators in Nigeria.
In response, Sarafadeen Fasasi, National President of the Association of Mobile Money and Bank Agents, criticized the CAC’s approach to penalizing those who have not registered.
Fasasi argued that the CAC’s actions were unjust, stating, “We have members in the two segments of agency banking. We have sub-agents and registered businesses. Those that are registered businesses are even over 60 per cent before the CAC came out with that policy and it’s only about 40 per cent that are sub-agents. We are in the court with them to say that they cannot force those to register with them and that is the outcome of what you are seeing. We are not just fighting for the 40 per cent. We are fighting the illegality because if they succeed with POS, they will also go and implement the same policy on our traders in the markets like garri and Pepper sellers because the POS people are not different from them. We are in the same space and that policy imposed on them is not about the interests of the country or payments. It is about cash out. They just want to make revenue and share the money.”…..For More READ THE FULL ARTICLE HERE ▶▶
When contacted for a response, Dominic Inyang, the Director of Press for the CAC, declined to comment on the issue.
