CAC Extends POS Registration

The Corporate Affairs Commission (CAC) had earlier mandated all Mobile Money Operators, also known as POS Operators to register their businesses.

This has caused frantic effort from POS operators. This exercise has made many compliant operators to register their businesses. In spite of this, many operators are still hesitating due to the cost and some are considering the importance. 

No doubt, many registrations are still with the corporation awaiting approval so it will be unreasonable from CAC to stop such ones from operating their businesses. 

On Saturday,  6th July 2024, CAC posted on their portal a notice of extension. 


This extension pushes POS registration from 7th July to September 5th 2024.

This extension is to further allow POS operators time to comply and it's expected that they will meet this deadline. 

To register your business with CAC, click here

Comments

Post a Comment

Popular posts from this blog

NEW CBN POLICY THAT WILL AFFECT ALL POS OPERATORS

Image
The Central Bank of Nigeria (CBN) has introduced new policies to promote a cashless economy, affecting Point of Sale (PoS) operators.  - Daily Cash-Out Limit : PoS operators are required to enforce a daily cash-out limit of ₦100,000 per customer. This aims to reduce excessive cash transactions and encourage digital payment systems. - Cumulative Daily Limit for PoS Operators : PoS operators have a cumulative daily cash-out limit of ₦1.2 million. Exceeding this limit may result in penalties and administrative sanctions. - Weekly Cash Withdrawal Limit : Customers are limited to ₦500,000 per week across all banking channels, including PoS terminals, ATMs, and bank branches. - 8147129620 : PoS operators must conduct transactions exclusively through designated float accounts maintained by their principals. This ensures transparency and accountability. - Real-Time Monitoring : PoS terminals must be connected to the Payment Terminal Service Aggregator (PTSA) for real-time trans...
Read more

List of all POS Terminal Providers in Nigeria with Their Charges

Image
Do you want to start POS business and don't know the best terminal due to charges? Here's a list of POS terminal providers in Nigeria, their charges, and other relevant details: 1. Moniepoint POS - Withdrawal Charges : 0.5% of transaction amount for withdrawals between ₦1,000 and ₦20,000, and ₦100 flat rate for transactions above ₦20,000 - Transfer Charges : ₦20 flat rate - Bill Payment Commission : Varies - Card Transaction Charges : 0.5% - 1.5% - POS Machine Price: ₦15,000 - ₦45,000 (depending on the type) 2. OPay POS - Withdrawal Charges : 0.5% - 0.7% of transaction amount - Transfer Charges : ₦100 - ₦150 depending on the amount - Bill Payment Fees : Varies by biller - Card Transaction Fees : 0.5% - 1.2% - POS Machine Price : ₦13,000 - ₦40,000 (depending on the type) 3. GTBank POS - Transaction Fees: 0.5% - 1.25% depending on the transaction - Settlement Fees: Usually free for GTBank account holders - POS Machine Price : ₦20,000 - ₦45,000 (depending on the typ...
Read more

CBN To Review ATM Transaction Fees, Effective March 1

Image
The Central Bank of Nigeria (CBN) has announced a review of transaction fees for automated teller machines (ATMs) across the country. In a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, on Tuesday, the CBN stated that the revised charges will take effect from March 1. According to the apex bank, the review aims to address rising operational costs and enhance efficiency within the banking sector. The last time ATM transactions charges were reviewed was in 2019, when the CBN reduced the withdrawal fees from ₦65 to ₦35. The Central Bank of Nigeria (CBN) has announced a review of transaction fees for automated teller machines (ATMs) across the country. In a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, on Tuesday, the CBN stated that the revised charges will take effect from March 1. According to the apex bank, the review aims to address rising operational costs and ...
Read more