The Corporate Affairs Commission has again reminded point-of-sale operators nationwide of the deadline for registering their businesses.
News About Nigeria reports that the initial announcement on July 7, 2024, ended on September 5, 2024.
In a statement on Friday, the CAC expressed disappointment over the low level of response to the registration requirement.
The Commission gave its worries about the substantial number of operators who have failed to comply with the registration requirement.
However, the CAC acknowledged and appreciated the efforts of those operators who have taken the initiative to formalise their operations, recognising their willingness to comply.
The statement read, “Recalcitrant operators have refused to adhere to the advice for formalisation due possibly to engagements in unwholesome activities or for some reasons best known to them.”
The CAC emphasised that it is working in collaboration with law enforcement agencies and other relevant stakeholders to implement a comprehensive enforcement and sanction framework.
The measures may include the shutdown of non-compliant businesses and other severe legal consequences.
“We are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy a comprehensive enforcement and sanction framework that may include not only a possible shutdown but other severe legal consequences,” the statement read.
The federal government, via the Corporate Affairs Commission, had earlier imposed a 60-day timeframe for point-of-sale operators to formally register with the commission.
This registration requirement applies to their representatives, business partners, and individual operators, and is in line with statutory obligations and the guidelines set by the Central Bank of Nigeria.
This directive was issued in response to a rise in fraud incidents involving POS terminals and CBN’s plans to prohibit trading in cryptocurrencies and other virtual currencies.
A report from the Nigeria Inter-Bank Settlement System Plc revealed that POS terminals were involved in 26.37 percent of fraud incidents in 2023.
The CAC stated that the registration initiative aims to reduce fraud within the system as well as combat kidnapping and the payment of ransom.
