In the Federal Capital, operators of Some Points of Sale are expressing dissatisfaction with the Corporate Affairs Commission, CAC’s new directive mandating them to register with the Commission.
These PoS operators have announced their intent to raise service charges in response to this development.
NewsNow has reported that the CAC set a two-month deadline for PoS operators on Monday to register their businesses in accordance with the Central Bank of Nigeria (CBN) regulations.
Offering their thoughts on the directive, PoS Operators shared during an interview with NAN on Wednesday that the registration process, requiring monetary input, would impact customer transaction costs and potentially lead to a rise in service fees.
Mr. Kofi Kolawole, a PoS agent, expressed concerns that the registration would eat into the business’s profits.
He also noted that the registration process could discourage people from entering the PoS business.
“I anticipate that this registration, once implemented by our operators, will lead to an increase in the fees they charge us.
“This, in turn, implies that the transaction costs we pass on to our customers will rise, ultimately placing the burden on them,” he explained.
Mr. Clement Agbasi pointed out that the directive contradicted the CBN’s financial inclusion initiative.
Agbasi highlighted that the directive might prompt many customers to keep their cash at home to avoid steep online transaction charges.
“The PoS sector was designed to bridge the gap between the unbanked population and financial institutions, simplifying their access.
“However, with these additional charges, including the 0.5% cybersecurity levy imposed on customers, numerous individuals might shy away from keeping their funds in banks,” he remarked.
This development comes at a time when CBN recently introduced a 0.5% cybersecurity levy on all electronic transactions.