The Association of Mobile Money and Bank Agents in Nigeria has attributed the poor turnout for the Point of Sale registration across the country to its ongoing legal dispute with the Corporate Affairs Commission.
According to The PUNCH, the Federal Government, through the CAC, had mandated a two-month deadline for PoS companies to register their agents, merchants, and individuals with the Commission.
This directive was aimed at improving compliance with legal requirements, as well as addressing issues like fraud, kidnapping, and ransom payments as directed by the Central Bank of Nigeria. Originally set for July 7, 2024, the registration deadline was extended to September 5.
Despite this extension, the CAC has voiced concerns over the low level of compliance with the registration requirements.
The Commission highlighted that many PoS operators had not yet adhered to the directive, despite the significant number of such operators in Nigeria.
In response, the National President of the Association of Mobile Money and Bank Agents, Sarafadeen Fasasi, criticized the CAC’s efforts to penalize those who had not registered.
Fasasi argued that the CAC’s actions were unjust, stating, “We have members in the two segments of agency banking. We have sub-agents and registered businesses. Those that are registered businesses are even over 60 per cent before the CAC came out with that policy and it’s only about 40 per cent that are sub-agents. We are in the court with them to say that they cannot force those to register with them and that is the outcome of what you are seeing. We are not just fighting for the 40 per cent. We are fighting the illegality because if they succeed with POS, they will also go and implement the same policy on our traders in the markets like garri and Pepper sellers because the POS people are not different from them. We are in the same space and that policy imposed on them is not about the interests of the country or payments. It is about cash out. They just want to make revenue and share the money.”
When reached for comment, the Director of Press for the CAC, Dominic Inyang, chose to withhold a response on the matter.
