Nigerian PoS Companies Face Two-Month Registration Ultimatum

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The Nigerian government has mandated Point-of-Sale (PoS) companies to register their agents, merchants, and individual users with the Corporate Affairs Commission (CAC) within two months. This directive aims to strengthen the financial sector and comes amidst concerns about fraud and cryptocurrency trading.

“The measure is aimed at safeguarding the businesses of Fintech’s customers and strengthening the economy. The registration is genuinely aimed at providing protection for businesses.” Said Hussaini Ishaq Magaji, Registrar-General of the CAC, according to a statement from the commission.

The deadline for registration is July 7, 2024. This move follows a rise in PoS fraud, with PoS terminals accounting for over 26% of all fraud incidents in 2023 according to the Nigeria Inter-Bank Settlement System Plc.

This directive coincides with the Central Bank of Nigeria’s (CBN) recent restrictions on cryptocurrency trading. Last week, the CBN ordered fintech firms to halt onboarding new customers and warn existing ones against crypto transactions.

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