PoS Agents Frown at CAC’s Registration Mandate, Says Customers Will Pay More
Some Point of Sale (PoS) agents in the FCT, have frowned at the new directive of the Corporate Affairs Commission (CAC) for them to register with the commission.
CAC had on Monday issued a two-month registration deadline to PoS operators to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria (CBN).
The agents, said the registration which would require money would impact on transaction cost paid by customers. Mr Kofi Kolawole, a PoS agent, said the registration would deplete the profits in the business. Kolawole said the registration would also discourage people from entering the business.
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,’’ he said.
Another PoS agent, Mr Clement Agbasi, said the directive negated the financial inclusion initiative of the CBN. Agbasi said that directive would cause many customers to save their cash at home rather than being charged heavily for their online transactions.
“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,’’ he said.
Miss Loretta Ubong, another PoS agent, said that although the registration was a welcome development, it must be done in a way that would not be detrimental to businesses.
Ubong appealed to CAC to conduct the registration in line with best practices. I am a student and I use the proceed from this business to pay my bills. The Commission should not do the registration in a way that will kill my business,’’ she said.
However, Mrs Ndidiamaka Ibe, a customer said the registration would help to check financial frauds and sharp practices perpetrated with PoS. I was a victim of one-chance and my over two million naira was withdrawn from a PoS.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,’’ she said.
CAC had said that the registration was aimed at safeguarding businesses of Fintech’s customers and strengthening the economy. The Commission had given July 7 as the deadline for the registration. Central Bank of Nigeria Suspends Charges on Cash Deposits
