The Federal Government will have 1.9 million Point of Sale (PoS) agents registered with the Corporate Affairs Commission (CAC) soon. This is in order to tackle fraud and enhance financial inclusion in Nigeria.
To this end, the Corporate Affairs Commission has set a two-month deadline for Point of Sale operators in the country to register their agents, merchants and individuals, latest by July 7, 2024, TheMediaGood Newspaper can report.
This first phase of the attempt by CBN is expected to recertify about 1.9 million PoS agents nationwide. After registration with CAC, the PoS agents will be provided with unique terminal identification numbers.
Furthermore, PoS operators may be required to request KYC documents to approve certain transactions, while PoS terminals would be geo-fenced. Should they be geofenced, their operations will be restricted to only assigned locations.
Geofencing will also help relevant authorities identify the specific regions or terminals responsible for PoS frauds.
Finally, it will help increase tax base and taxation