PoS Operators’ Registration Low After Extension Of Deadline

…Bad Network, Financial Constraint Blamed For Poor Compliance

The deadline for Pointof-Sale (POS) operators to register their businesses with the Corporate Affairs Commission (CAC) has now expired, despite a 60-day extension that was intended to provide more time, particularly for operators in remote areas.

The initial deadline of July 7, 2024, was extended to September 5, 2024, but the CAC remains concerned about the low compliance, even after the additional time.

In a statement issued on Friday, the CAC acknowledged the challenges faced by many operators, but stressed the importance of compliance for business legitimacy and formalisation.

The commission expressed disappointment that many operators, especially in rural areas, have not registered, citing network and financial constraint as contributing factors.

POS operators voiced their frustration with the system in separate interviews with Sunday Independent.

Patience Ngozi Okonkwo, a small business owner, expressed her distress at being unable to register due to persistent network issues. “I’ve tried to register several times, but the network has been terrible. I’m scared they might block my business line because I don’t just use it for withdrawals—I also run a small provision store. “Some customers prefer to transfer money because we are in a cashless economy, and they don’t carry cash around anymore,” she said.

Another operator, Mrs. Overare Blessing, admitted she had forgotten about the registration deadline. “I knew about the directive, but with everything going on, I completely forgot.

Thankfully, this interview is a reminder. I’ll prioritise registering now because using POS is so much easier than going to the bank for every little transaction,” she explained. Network issues were also a recurring theme for other operators.

Mr. David Oyebamiji, who employs several workers in his POS business, said he had been preoccupied with other tasks but now recognised the urgency of the registration.

“This is my main source of income, and I have people depending on me for their salary. I can’t afford to let my negligence affect them.

Even with poor network access, I’ll keep trying until I get it done,” he said. While many operators have complied with the CAC directive, others struggle with the financial burden of registration.

Some reported difficulty in balancing the cost of registration with their daily expenses, as their profit margins are already thin.

The CAC’s extension was a well-intentioned move, but the challenges of network instability, financial strain, and general oversight by business owners have led to a situation where many operators have yet to comply with the registration order.