What will happen to POS operators after July 7th, 2024

CAC has made it mandatory for POS terminals, whether as agents, merchants, or individuals to register with the Corporate Affairs Commission before the commencement of business, while those that already commenced business were given 7th July 2024 as the deadline to register same.

This directive was made to enable the corporation monitor and know all eligible POS operators in the country. It is also believed that it will curb criminal activities as a lot of money is lost to criminal activities of POS operators.

With the deadline closing in, what becomes the faith of POS operators. Many operators are registered while a lot are still dragging their feet on the matter.

Many POS operators have insisted on an increment in charges if forced to register with CAC.

As it is,  the umbrella body of POS operators in Nigeria, Association of Mobile Money Operators in Nigeria (AMMBAN) have decided to sue the Corporate Affairs Commission (CAC) for this ill timed directive.

But what is the faith of those that decides not to register?

Admittedly,  it'll be hard for these terminal providers to withdraw their terminals or afford to lose customers so the only possible implication for those that fail to register will be to downgrade them from a previous tier. This will mean that they won't be able to perform enough transactions as they formally do.

Depending on the terminal provider, though most tiers are up to 5 with different transaction limit. So those of level 4 might be dropped to level 2 or 3. It will then be in the best interest of the POS operator to register with CAC so he can be upgraded to do more transactions. 

As we fold our arms for the outcome and decision of CAC, we will only assume that their decision won't affect this large employer of labour in Nigeria.

To register your business with CAC, click here

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