Registering PoS agencies will reduce kidnapping, frauds
Hussaini Magaji, registrar-general of the Corporate Affairs Commission (CAC), has said that it is mandatory for PoS agents to register as businesses.
Magaji said that getting the agency bankers to register, in line with the Company and Allied Matters Act, would reduce kidnapping and fraudulent practices. July 7, 2024 has been set as the deadline for PoS agents to comply with the order. Also, Magaji said that data generated from the exercise would make it possible for security agencies to trace a fraud when committed.
“But if they are not registered, we can’t do anything and that’s the essence of the registration
“We have had a situation where a ransom is being paid with a PoS terminal and a lot of fraud but after the registration, if anything happens we can provide the details of the persons behind the company to the government.
“We will capture the picture and other relevant information and this is a good development for the country,” he said.
The commission said it has trained its staff to handle the processing of would-be registrants on 24-hour basis.
According to available statistics, PoS terminals account for 26.37 per cent of fraud incidents in 2023, as per report by the Nigeria Inter-Bank Settlement System Plc.
