The Association of Mobile Money and Bank Agents in Nigeria has attributed the low turnout for the registration of Point of Sale (PoS) operators to an ongoing legal battle with the Corporate Affairs Commission (CAC).
The CAC, in compliance with Central Bank of Nigeria directives, had set the date for the registration, and later extended the deadline to September 5 for PoS companies to register their agents to reduce fraud and kidnapping.
Despite the extension, the CAC expressed concern over the low compliance rate.
In response, the association’s National President, Sarafadeen Fasasi, criticised the CAC’s move to penalise unregistered members as illegal.
Fasasi argued that many of the association’s members, particularly registered businesses, had already complied, but the legal dispute centered on the remaining 40% of sub-agents who the CAC is attempting to force into registration.
Fasasi further warned that the policy could extend beyond PoS operators to market traders, seeing it as a revenue-generating move rather than one aimed at improving security or payments.
Despite requests for a reaction, Dominic Inyang, the Director of Press, chose not to comment on the issue.
