Several Point of Sale agents in the Federal Capital Territory have expressed dissatisfaction with the recent directive from the Corporate Affairs Commission requiring them to register with the commission.

The agents fear that the registration process, which involves fees, will lead to higher transaction costs for customers.

In a statement issued on Monday, the CAC mandated PoS operators to register their agents, merchants, and individuals within two months to comply with legal requirements and directives from the Central Bank of Nigeria.

Speaking to the News Agency of Nigeria in Abuja on Wednesday, PoS agents voiced their concerns about the financial implications of the registration.

Mr. Kofi Kolawole, a PoS agent, expressed apprehension about the impact on business profitability, stating, “This registration, when actualized by our operators, will increase the amount they charge us. This means that the cost we charge on each transaction will increase, so our customers will bear the cost.”

Similarly, Mr. Clement Agbasi highlighted that the directive contradicts the CBN’s financial inclusion initiative, which aims to make banking services more accessible. Agbasi emphasized that the additional charges could discourage customers from using PoS services, leading them to keep their cash at home instead.

Miss Loretta Ubong, while acknowledging the importance of registration, urged the CAC to implement it in a manner that does not harm businesses. “The Commission should not do the registration in a way that will kill my business,” she emphasized.

However, some customers, like Mrs. Ndidiamaka Ibe, supported the registration mandate, citing the need to curb financial fraud and enhance accountability. “I think that what the Federal Government is trying to do is to check things like this so that when fraud is perpetrated by a PoS agent, he or she can be easily traced,” she stated.

The CAC has defended the registration requirement, stating that it aims to protect Fintech businesses’ customers and bolster the economy. The deadline for registration has been set for July 7