Point of sales, PoS, operators, under the Kwara Association of Professional Point of Sales Agent, KAPPSA, have given thumbs up to federal government’s policy mandating banks and fintech in Nigeria to enforce corporate registration on all their agents and operators.
The association believes that the move could not have come at a better time.
KAPPSA, while explaining that the policy is in tandem with its ongoing collaborations with relevant agencies in assisting cleaning up of the money transfer ecosystem, urged for a downward review of the new 0.5 percent cyber security levy on monetary transactions.
The association said that the new charges will put more strain on PoS operation in the country.
The association made their position known in joint statement signed by its president, Mr Ridwan Opakunle and its Secretary, Olatunji Kayode on Thursday in Ilorin.
“KAPPSA is a duly registered association with CAC; even long before now, we have steadily encouraged PoS operators to get registered with the CAC and we have been getting favourable responses.
“All these were in the bid to maintain a steady and comprehensive membership data base.
“We have met relevant agencies like EFCC, CAC, NSCDC and the Nigerian Police as part of our sensitization process since late last year,” the KAPPSA officers said in the news release.
Central Bank of Nigeria, CBN and CAC agreed that Fintechs including PoS operators have a two-month period to register their agents, merchants, and individuals with the commission.
This timeline is said to be in compliance with legal regulations and the directives of the CBN. The purpose of the measure is to protect the interests of Fintech customers and enhance the economy.
PoS agents however express worry over the cyber security levy among other charges being put in place by CBN, saying that it will affect their operation.
“PoS operation is wired into grassroots economy and given the state of things, the new levy will add further burden on our customers,” KAPPSA Said.
The association asked CBN to take a second look at the new charges with a view to insulating the especially vulnerable members of the economy which they service.
Though CBN exempted 16 items from the levy, it however unclear if PoS operation are captured in the package.
CBN earlier directed all banks to charge a 0.5 per cent cybersecurity levy on all electronic transactions within the country starting two weeks from 6 May.
According to the apex bank, the levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.
