The recent decision by the Corporate Affairs Commission (CAC) to impose a two-month deadline for Point of Sale (PoS) operators to register their agents, merchants and individuals is a laudable initiative in terms of regulation. This directive, emanating from legal requirements and directives from the Central Bank of Nigeria (CBN), aims to regulate the sector and strengthen the security of electronic transactions.
However, from the perspective of PoS agents, this new requirement raises concerns about its impact on transaction costs for clients. Kofi Kolawole, a PoS agent, expresses his apprehensions about the financial impact that this compulsory registration would represent. He said this could not only reduce profits from the business, but also deter new people from entering the sector.
Likewise, Clement Agbasi points out that this directive goes against the CBN’s objective of financial inclusion. He fears that customers, faced with additional costs, would prefer to keep their money at home rather than use it for online transactions. Which could potentially slow down the momentum of banking among the unbanked.
However, it should be recognized that the registration of PoS agents contributes to strengthening the fight against financial fraud and fraudulent practices. Indeed, Ndidiamaka Ibe testifies to the difficulties encountered when she was the victim of fraud via a PoS. For her, this measure will make it possible to better identify and punish malicious agents.
It is therefore crucial that the CAC conducts this registration process in consultation with industry stakeholders, ensuring that the financial impact on agents and customers is taken into consideration. The balance between regulation and facilitation of electronic financial services must be preserved to foster the harmonious development of the PoS sector in Nigeria.