As the 60-day deadline for Point of Sale (PoS) operators to register their businesses with the Corporate Affairs Commission (CAC) has expired, the regulatory body has announced plans to work with law enforcement agencies to shut down recalcitrant operators who fail to comply.
In a statement released on its official X handle, the CAC disclosed that it had issued a 60-day deadline on July 7, 2024, which expired on September 5, 2024, for all PoS operators to register their businesses. However, the Commission noted that there was inadequate compliance with its directive, citing the large number of PoS operators in the country.
The CAC further stated that those who have refused to register may be engaging in unwholesome activities, and that the Commission is working with law enforcement agencies and other relevant stakeholders to deploy a comprehensive enforcement and sanction framework that may include shutdowns and other severe legal consequences.
The move comes after the Association of Mobile Money and Bank Agents in Nigeria, AMMBAN, recently challenged the CAC’s registration directive. However, the Commission remains resolute in its efforts to formalize the PoS industry, commending those who have taken steps to register their businesses in line with its directive.
The CAC’s decision to crack down on non-compliant PoS operators is seen as a major step towards regulating the industry and ensuring that businesses operate legally and transparently. With the deadline now expired, it remains to be seen how the Commission will enforce its directive and what measures it will take to ensure compliance.
As the situation unfolds, it is clear that the CAC is determined to take a tough stance on non-compliance, and it remains to be seen how the PoS industry will respond to the new regulations.
