LunagisthubWhy POS Operators Don’t Need CAC Registration: AMMBAN’s Explanation
The Association of Mobile Money & Bank Agents in Nigeria (AMMBAN) has clarified that its members do not require Corporate Affairs Commission (CAC) registration to operate in the country. According to Elegede Segun, General Secretary of AMMBAN, POS operators can function as non-entities, and existing regulations provide sufficient security .
The CAC’s Directive
The CAC had set a deadline for POS operators to register with the commission, but AMMBAN argues that this directive contradicts the Companies and Allied Matters Act (CAMA) 2020. The act states that individuals can operate as sole proprietors or non-entities without registration.
AMMBAN’s Argument
Segun emphasized that POS operators are already regulated by the Nigeria Inter-Bank Settlement System (NIBSS), banks, and other relevant authorities. He questioned the need for CAC registration, citing the existing requirements for POS operators, including
– Call Terminal Identification with NIBSS
– Bank Account
– Bank Verification Number
– National Identity Number
Implications
The dispute between AMMBAN and CAC highlights the need for clarity on the regulatory framework for POS operators in Nigeria. If the CAC’s directive is enforced, it could impact the operations of millions of POS operators and their customers
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