The Federal Government of Nigeria have decided to take drastic action to increase security and clamp down on unregistered POS operators’ threats to life in the country.
To this effect, the Federal Government has mandated the registration of all Point of Sales(POS) operators to ensure they are registered with the Corporate Affairs Commission (CAC) on or before the deadline, July 7, 2024.
Following the directive, the government has also made it known that the expiration of the deadline will be followed by urgent action by the police force in clamping down and arresting defaulters of the government’s directive.
The government decided to take this action following the increasing rate of kidnapping and the use of point-of-sale operators to pay ransoms in the country. This action is directed at easily detecting criminal activities and tracking any point-of-sale operator who aids in collecting kidnappers’ ransoms in the country.
The recent action of the government, in conjunction with the Central Bank of Nigeria, in making sure all Point of Sales Operators have their business registered with the Corporate Affairs Commission (CAC) is part of a long line of drastic actions, which began with the clamping down on all crypto activities in the country to set an order for all Fintech accounts to stop accepting new customers and close down of all customer accounts associated with cryptocurrency activities, including commercial banks.
The government’s decision to ensure the registration of all Point of Sales Operators is down to the frequent use of POS services in carrying out fraudulent activities, which has been on the rise in the country. The government believes that registration of the POS operators would create easy access to clamping down on all illegal and fraudulent practices, as it would ensure easy detection and tracking of any POS operator involved in fraudulent activity.
