The Central Bank of Nigeria (CBN) recently mandated that all Point of Sales (PoS) operators complete their registration with the Corporate Affairs Corporation (CAC) by July 7, 2024. This directive aims to formalize the operations of PoS businesses across the country, boosting regulatory compliance and promoting financial inclusion.
However, for many PoS operators, this new requirement poses significant challenges, both financially and logistically. As micro-businesses, already grappling with economic uncertainties, the stringent deadline could threaten their survival and, by extension, the broader goal of financial inclusion in Nigeria.
PoS operators have become crucial players in Nigeria’s financial landscape, particularly in rural and underserved urban areas. They provide essential services such as cash withdrawals, deposits, bill payments, and transfers, bridging the gap between the unbanked population and formal financial…
Source: Thisday Newspaper
