Drops Fresh Announcement For Opay, Palmpay And Other PoS Operators, See Details
In a bid to clamp down on fraudulent activities, the Nigerian government, through the Corporate Affairs Commission (CAC), has issued a stringent directive mandating all Point of Sale (PoS) companies to register their agents, merchants, and individuals within a two-month period. This move, aimed at curbing financial malfeasance and safeguarding the interests of Fintech customers, underscores the government’ s commitment to enhancing regulatory oversight in the burgeoning fintech sector.
The announcement, which came after a high-stakes meeting between Fintech representatives and the Registrar-General of CAC, Hussaini Ishaq Magaji, signals a proactive approach towards addressing the proliferation of fraudulent practices associated with PoS transactions. With over 1.9 million PoS terminals deployed across the nation, the need for robust regulatory measures to ensure transparency and accountability has never been more pressing.
Speaking at the meeting, Magaji underscored the importance of the
legislation in bolstering consumer
protection and fostering economic
development. He cited legal provisions, including Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, and the Central Bank of Nigeria’ s 2013. recommendations on agent banking, as the basis for the registration mandate. Emphasizing that the registration deadline, set for July 7, 2024, was not intended to target specific entities but rather to fortify business safeguards, Magaji sought to allay concerns within the fintech community while reaffirming the government’ s commitment to fostering a conducive business environment.
This regulatory crackdown comes amidst a backdrop of escalating fraud incidents involving PoS terminals and the central bank’s recent directive to prohibit cryptocurrency trading. With PoS terminals accounting for a significant portion of fraud incidents in 2023, according to reports by the Nigeria Inter- Bank Settlement System Plc, the imperative for stringent regulatory oversight cannot be overstated.
The central bank’s actions, which include halting onboarding of new customers by major fintech firms and warning against cryptocurrency trading, reflect a broader strategy to mitigate risks associated with money laundering and terrorism financing. The ongoing audit of Know-Your- Customer processes underscores the government’s unwavering commitment to combating financial crimes and preserving the integrity of the financial system.
In response to the government’s directive, several speakers from the fintech industry have pledged to collaborate with regulatory authorities to ensure seamless implementation of the registration mandate. This collaborative effort underscores the importance of fostering partnerships between government agencies and private sector stakeholders to achieve shared regulatory objectives.
As the fintech landscape continues to
evolve, regulatory interventions such
as mandatory PoS registration serve.
as crucial mechanisms for maintaining market integrity and safeguarding consumer interests. By fostering a culture of compliance and
accountability, the government seeks
to instill confidence in the fintech
ecosystem and promote sustainable
growth in the digital economy.
In conclusion, the government’s
proactive measures to enhance
regulatory oversight in the fintech
sector underscore its commitment to
combating financial fraud and
promoting economic stability. By
enforcing stringent registration.
requirements for PoS operators, the
government aims to fortify consumer
protection measures and foster a
more resilient and transparent
financial ecosystem.
SR Sahara Reporters
Nigerian Government Orders Registration Of Pos
Companies, Operators | Sahara Reporters bit.ly
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