PoS Operators Protest CBN’s Registration Directive, Cite Increased Costs for Customers.
CBN says, POS Operators to register with CAC.
The Central Bank of Nigeria’s (CBN) recent directive requiring PoS operators to register their agents, merchants, and individuals with the Corporate Affairs Commission (CAC) has sparked protests among operators. They argue that the move will drive up transaction costs for customers and deplete their business profits.
According to PoS agents who spoke to the News Agency of Nigeria in Abuja, the registration process will require significant financial investments, which will be passed down to customers. Mr. Kofi Kolawole, a PoS agent, expressed concerns that the registration will increase the amount operators charge, ultimately affecting customers.
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“This means that the cost we charge on each transaction will increase, so our customers will bear the cost,” Kolawole said.
Another agent, Mr. Clement Agbasi, criticized the directive, stating that it contradicts the CBN’s financial inclusion initiative. Agbasi believes the increased charges will discourage customers from using online transactions and instead opt to save their cash at home.
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The PoS business was geared toward bringing banks closer to the unbanked and making it easier for them. With all these charges, including the 0.5% cyber-security levy on customers, many people will be discouraged from putting their monies in banks,” Agbasi said.
