CAC: How POS Registration Will Checkmate Kidnapping and Criminals

In recent times, the issue of kidnapping and criminal activities has been on the rise in Nigeria, causing fear and unrest among the populace. To combat this menace, the Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, made a groundbreaking revelation on Wednesday, May 8. He announced that the Nigerian government has mandated Fintech companies, commonly referred to as Point of Sale (POS) providers, to register with the commission.

The Need for POS Registration

According to Magaji, criminals are increasingly utilizing POS machines to extort money from their victims. Hence, the registration of POS operators with the CAC is crucial for tracking and apprehending kidnappers, criminals, and one-chance operators who are currently wreaking havoc in the country. The RG emphasized the importance of this initiative during the formal launch of CAC registration agents and Fintech merchants in Abuja.

Training and Compliance

The CAC is taking proactive measures by training its staff to work round the clock to meet the overwhelming demand for registration. Magaji stressed that the training would equip the staff to operate beyond regular office hours, even from the comfort of their homes. To ensure compliance, the deadline for POS operators to register their businesses is set for the 7th of July 2024.

Legal Implications and Penalties

Magaji issued a stern warning, stating that failure to register a POS business within the stipulated timeframe would result in penalties. He clarified that businesses or individuals using unregistered POS machines would be charged a daily fee of N200. Moreover, after the 60-day registration period elapses, unregistered POS operators will be labeled as criminals.

Tracing Criminal Activities

The RG highlighted a disturbing trend where criminals carry unregistered POS machines to facilitate their illicit activities. However, with proper registration and documentation, authorities can trace these POS devices through their unique registration numbers. This enhanced level of accountability enables law enforcement agencies to apprehend criminals swiftly and effectively.

Benefits of Registration

Aside from curbing criminal activities, the registration of POS operators offers several benefits. Registered businesses can access financial services such as loans from banks, thanks to their verified legitimacy. This not only promotes transparency in the financial sector but also fosters trust between businesses and lending institutions.

Conclusion

.In conclusion, the mandatory registration of POS machines with the CAC is a significant step towards combating criminal activities and ensuring the safety of Nigerians. By tracking and monitoring the use of POS devices, authorities can effectively crack down on criminals who exploit these technologies for illegal purposes. It is imperative for all POS operators to comply with the registration requirements to contribute to a safer and more secure business environment.

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