How POS Registration Will Checkmate Kidnapping, Criminals – CAC

The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, disclosed on Wednesday, May 8, that the Nigerian government has instructed Point of Sale (POS) providers, to register with the commission.

He said criminals increasingly use POS machines to extort money from their victims.

According to Magaji, the registration is to enable the government to track kidnappers, criminals, and one-chance operators, causing pain for Nigerians at the moment.

The Registrar-General (RG) announced this during the official launch of the Fintech registration agents and merchants in Abuja. 

He stated that the commission is currently training its staff to operate 24/7 to meet the high demand of the people.

Magaji said: “This training is to equip the trainers to work round the clock, not just office hours, which means they can work from home since they have all the facilities they need. The registration for POS operators is still ongoing, it will close by the 7th of July 2024. No matter what business you operate in Nigeria today, you are under the law of Nigeria to ensure your business is registered with the CAC.

“We assume that in that 60 days, all POS operators must have registered their businesses. This must be done in the interest of their interest; again if a business or an individual has been using a POS machine without registration, just know that from the day you acquired that POS, you are being charged N200, and every day counts, so the day you come for registration your payment for the machine will be backdated to the day you started using it.

“In most banks presently, there are POS machines which are not registered and not attracting any charges, even though they are in the bank, they should be registered and charges met like any other POS on the street. After the deadline of 60 days without registration, they will be termed as criminals.”

The Registrar General highlighted that criminals increasingly utilize POS machines, emphasizing that registering them allows for tracking in case of criminal activities, leading to apprehension. 

Additionally, he noted that registration enables legitimate businesses to access bank loans confidently.