Tag: PoS operators

“Only 20% of PoS operators are registered” –  CAC, EFCC

Aminu Imam
CAC, EFCC on PoS operators

The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have expressed concerns over risks being posed to businesses and national security by the activities of unregistered Point of Sale (PoS) operators. The concerns were expressed in Abuja on Thursday, when the Board Chairman of CAC, Senator Ibrahim Idah paid a courtesy visit to the Executive Chairman of the EFCC, Ola Olukoyede at the corporate headquarters of the Commission. Idah, who came with some management staff of the CAC, sought EFCC’s support in enforcing compliance among PoS…

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CAC to crack down on unregistered PoS operators

Aminu Imam
CAC on PoS

The Corporate Affairs Commission, (CAC), is set to crack down on unregistered point of sale (PoS) operators starting January 1, 2026, as part of efforts to regulate the sector. In a statement issued yesterday, the CAC labelled the rise of unregistered PoS terminals a “reckless practice,” citing violations of the Companies and Allied Matters Act (CAMA) 2020 and Central Bank of Nigeria (CBN) agent banking rules. “This reckless practice often enabled by some fintech companies puts Nigeria’s financial system and citizens’ investments at risk. This must stop”, the Commission stated.…

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FG threatens shutdown, legal action against POS operators

Aminu Imam
FG on POS operators

The Federal Government, through the Corporate Affairs Commission (CAC), has warned Point of Sale (POS) operators in the Fintech sector and threatened to shut down those who fail to register their businesses. The CAC, in a statement issued  yesterday, noted that the 60-day deadline for registration, which expired on September 5, 2024, has not been met by many operators. The statement reads: The Corporate Affairs Commission wishes to remind the general public particularly Fintech operators, also known as Point of Sale (POS) operators, that the 60 days deadline given in…

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FG to bar PoS agents from fixing new prices

Aminu Imam

Recently,Point-of-Sale,(PoS) agents under the aegis of the Association of Mobile Money and Bank Agents in Nigeria, announced increments in the prices of their transaction charges. The Federal Government, through the Federal Competition and Consumer Protection Commission, is set to issue an order against moves by the PoS agents to hike transaction charges across the country. Recall that recently, the PoS agents, under the aegis of the Association of Mobile Money and Bank Agents in Nigeria, (AMMBAN), announced increments in the prices of their transaction charges. Despite kickbacks from various stakeholders,…

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