PoS Operators Move To Increase Charges Over New Directive By CAC

Operators of Some Points of Sale in the Federal Capital have faulted the new directive of the Corporate Affairs Commission, CAC, for them to register with the Commission.

The PoS operators vowed to increase service charges following the development.

CAC issued a two-month registration deadline on Monday for PoS operators to register their businesses per the legal requirements of the Central Bank of Nigeria, CBN.

Reacting to the directive, PoS Operators, in an interview with NAN on Wednesday, said the registration, which would require money, would impact customer transaction costs and eventual service charge increase.

Mr Kofi Kolawole, a PoS agent, said the registration would deplete the business’s profits.

He lamented that registration would also discourage people from entering the business.

“I know that this registration, when actualised 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,” he said.

Mr Clement Agbasi said the directive negated the CBN’s financial inclusion initiative.

Agbasi said the directive would cause many customers to save their cash at home rather than being charged heavily for online transactions.

“The PoS business was geared toward bringing the banks closer to the unbanked and making it easier for them.

“With all these charges, including the 0.5 per cent cyber-security levy on customers, many people will be discouraged from putting their money in banks,” he said.

The development comes amid the recent 0.5 per cent cybersecurity levy on all electronic transactions by CBN.