The Association of Mobile Money and Bank Agents in Nigeria has attributed the low registration rates of Point of Sale (PoS) operators across the country to an ongoing legal dispute with the Corporate Affairs Commission (CAC).
The Federal Government, through the CAC, had mandated PoS companies to register their agents, merchants, and individuals by a two-month deadline to comply with legal requirements and Central Bank of Nigeria directives aimed at reducing fraud, combating kidnapping, and controlling ransom payments. The initial deadline was July 7, 2024, but it was extended to September 5.
Despite this extension, the CAC has expressed concerns about inadequate compliance, given the large number of PoS operators in the country.
In response to the CAC’s remarks, Sarafadeen Fasasi, the National President of the association, criticized the CAC’s enforcement actions against members who have not yet registered, calling them illegal.
Fasasi stated, “Our members include both sub-agents and registered businesses, with over 60 percent already compliant before the CAC’s policy. The remaining 40 percent are sub-agents. We are currently challenging this policy in court because we believe it cannot be enforced on our members. Our fight is not just about the 40 percent; it’s about addressing the broader issue of legality. If this policy is successful with PoS operators, it could extend to other sectors like market traders selling goods such as garri and peppers. This policy seems more about generating revenue than addressing genuine concerns about payment systems.”
Credit: CAC AGENT AKURE- Deji Adebiyi
