The Corporate Affairs Commission has issued a stern reminder to Point of Sale operators across the country that the deadline for their business registration, initially announced on July 7, 2024, expired on September 5, 2024.
While commending operators who have taken steps to formalize their businesses, praising their positive attitudes towards compliance also expressed concern over the inadequate compliance with the directive by many despite the large number of POS operators in the country.
According to a statement by the commission, “Recalcitrant operators have refused to adhere to the advice for formalization due possibly to engagements in unwholesome activities or for some reason best known to them.”
The CAC stressed its effort to team up with law enforcement agencies and other key stakeholders to ensure a thorough enforcement and sanction framework. This framework could involve actions such as shutdown of non-compliant businesses and imposing other serious legal penalties.
In 2023, The Nigeria Inter-Bank Settlement System Plc reported that POS terminals were involved in 26.37 percent fraud activities.
The order was then issued following the NIBSS and triggered the decision by the Central Bank of Nigeria to restrict trading in cryptocurrencies and other virtual currencies.
The CAC noted that the registration program goal is to put an end to fraud, as well as tackle kidnapping and payment of ransoms.
