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Federal Government Mandates Registration of PoS Operators to Enhance Security

The Federal Government has announced the mandatory registration of Point-of-Sale (PoS) operators nationwide, aiming to bolster security measures and facilitate the apprehension of ransom recipients. Failure to comply with the directive by July 7, 2024, will result in action by security agencies against non-compliant PoS operators.

Registrar-General Hussaini Magaji disclosed this at the launch of the Corporate Affairs Commission’s (CAC) registration of fintech agents and merchants in Abuja. The move comes in response to increasing incidents of fraud involving PoS terminals, which accounted for a significant percentage of fraud cases in 2023.

The government’s decision, supported by legal provisions and Central Bank of Nigeria (CBN) directives, seeks to address fraudulent activities and safeguard businesses. The registration initiative is aimed at enhancing payment security, ensuring business legitimacy, and providing access to various benefits such as loans and regulatory compliance.

Magaji emphasized the importance of prompt action, highlighting the 60-day registration deadline and the government’s commitment to pursuing defaulters rigorously. A fully digitized service center has been established to facilitate registration and address inquiries promptly.

While some PoS operators acknowledge the potential benefits for standardization and security, others have raised concerns about the financial burden and procedural challenges, particularly for operators in rural areas.

Despite varying opinions, the government remains resolute in its efforts to regulate the PoS business landscape and safeguard financial transactions. With over 1.9 million PoS terminals deployed nationwide, the registration initiative marks a significant step towards achieving these objectives.

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