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POS operators kick against CAC registration imposed by Tinubu’s govt

The move by the Central Bank of Nigeria (CBN) for PoS operators to register their agents, merchants, and individuals with the Corporate Affairs Commission CAC) has been met with protests.

Operators argued that it would drive up the charges payable by their customers.

They also argued that the cost of the registration would deplete the profits of the business.

Some of the agents who spoke to the News Agency of Nigeria in Abuja on Wednesday said the registration which would require money would impact transaction costs paid by customers.

According to an agent, Mr Kofi Kolawole, the registration would deplete the profits of the business, and it 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.

Another PoS agent, Mr Clement Agbasi, said the directive negated the financial inclusion initiative of the CBN.

Agbasi said that directive would cause many customers to save their cash at home rather than being charged heavily for their 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 monies in banks,’’ he said.

The article was originally published on Politics Nigeria.

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