PoS operators warn CAC registration will increase cost of doing the business
By Jeph Ajobaju, Chief Copy Editor
Point of Sale (PoS) operators have rejected the new directive by the Corporate Affairs Commission (CAC) for them to register with it, warning the requirement will increase transaction cost paid by customers.
The CAC on Monday gave July 7 as the deadline for the operators to register with the Commission, their agents, merchants, and individuals in line with legal requirements and the directive of the Central Bank of Nigeria (CBN).
The registration will help safeguard Fintech customers and strengthen the economy, the CAC explained.
But some operators told the News Agency of Nigeria (NAN) will backfire big on their business with a huge impact on transactions and costs to customers.
Below is the take of some PoS agents in Abuja who voiced their views:
Kofi Kolawole
“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.”
Clement Agbasi
“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 per cent cyber-security levy on customers, many people will be discouraged from putting their monies in banks.”
Loretta Ubong
“I am a student and I use the proceeds from this business to pay my bills.
“The Commission should not do the registration in a way that will kill my business.’’
However, a POS customer welcomed the registration requirement because it will make it easier to trace fraud when perpetrated.
Ndidiamaka Ibe (customer)
“I was a victim of one-chance and my over N2 million was withdrawn from a PoS. When I got to my bank, they could not trace the owner of the PoS.
“I think that what the federal government is trying to do is to check things like this so that when fraud is perpetrated by a PoS agent, he or she can be easily traced.”
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