Navigate the impact of Corporate Affairs Commission's (CAC) PoS registration mandate on Nigerian consumers. PoS operators warn of heightened transaction costs, sparking concerns over financial inclusion.
In Federal Capital Territory (FCT), Point of Sale (PoS) agents find themselves grappling with the ramifications of a new directive issued by the Corporate Affairs Commission (CAC). This mandate, requiring PoS operators to register with the commission within a two-month deadline, has sparked a wave of discontent among these crucial intermediaries in Nigeria's digital payment ecosystem.
Speaking to the News Agency of Nigeria (NAN) in Abuja, PoS agents expressed their apprehension over the financial implications of the registration requirement. Mr. Kofi Kolawole, a seasoned PoS agent, voiced concerns that the registration process, coupled with associated fees, would eat into their already thin profit margins. Kolawole further warned that the increased transaction costs resulting from the registration would ultimately be borne by customers, potentially dissuading them from utilizing PoS services.
Echoing Kolawole's sentiments, Mr. Clement Agbasi emphasized the contradiction between the registration mandate and the Central Bank of Nigeria's (CBN) financial inclusion initiative. Agbasi lamented that the directive could drive customers away from formal banking channels, undermining efforts to bring the unbanked population into the financial mainstream.
Miss Loretta Ubong, balancing her role as a PoS agent with her studies, underscored the need for the registration process to align with industry best practices. While acknowledging the importance of regulation, Ubong appealed to the CAC to ensure that the registration procedure does not stifle small businesses like hers.
Despite the reservations expressed by PoS agents, some customers, like Mrs. Ndidiamaka Ibe, welcomed the registration as a necessary measure to combat financial fraud. Recounting her own experience of falling victim to fraudulent PoS transactions, Ibe highlighted the importance of accountability and traceability in the digital payment landscape.
Amidst these divergent perspectives, the CAC maintains that the registration mandate is essential for safeguarding the interests of Fintech customers and bolstering the nation's economy. However, as the deadline for compliance looms, the debate surrounding the registration directive underscores the delicate balance between regulatory oversight and the practical realities faced by PoS operators and consumers alike.
