CAC directs all PoS operators to register there businesses
As we are all aware that the Corporate Affairs Commission (CAC) has directed all PoS operators in Nigeria to register there businesses, it is very important as an operator to take a proactive step in ensuring your business get registered with CAC before the stipulated deadline.
The registrar of the commission emphasized that the registration process aligns with both legal requirements and the directives of the Central Bank of Nigeria (CBN).
Why is CAC Mandating POS Operators Registration
The need to get the PoS agents registered is one of the moves by the regulators to tackle the issue of fraud through PoS.
According to the 2023 Annual Fraud Landscape report released by the Nigeria Inter-Bank Settlement System (NIBSS) POS channels were reported to be one of the most exploited payment channels by fraudsters in 2023. NIBSS’ data further revealed that losses to PoS fraud jumped to N4.4 billion in 2023 from N2.6 billion in 2022.
Who is corporate affairs commission (CAC)
Corporate Affairs Commission is a body of the Nigerian Government responsible for the regulation and management of companies in Nigeria. It was introduced in 1990 with the passing of the Companies and Allied Matters Act. It is headed by a chairman and closely assisted by the Registrar General/ CEO.
It was created by a statute of the National Assembly passed in 1991. The commission is directly accountable to the President through the Minister of State for Planning. The Corporate Affairs Commission has a broad range of functions, including:
- Regulating companies’ financial operations
- Supervising compliance with the Companies Act 2014
- Regulating company directors’ duties and responsibilities
- Implementing and administering market access for foreign investors
- Monitoring the securities markets for insider trading
- Enforcing compliance with various corporate governance codes
- Maintaining public records relating to companies in Nigeria
Importance of Registering your PoS business with CAC
- Legal Recognition: Ensures your business is legally recognized by the government.
- Access to Services: Enables you to open a corporate bank account and access financial services.
- Trust and Credibility: Enhances your business’s credibility with customers and partners.
- Compliance: Avoids legal penalties and ensures compliance with government regulations.
Simple steps to register your PoS business
To ensure error free registration without breaking bank, you need the service of an expert in the business of CAC registration. Though CAC registration is something you can do yourself if you know the technical know how but to avoid error, kindly following these simple steps to get started using an experienced expert in the field.
- Visit either https://adlatworld.com/cac/ or https://anythingcac.com.ng/
- Submit your business details through the form on site or submit your details through the link pointing to our Whatsapp
- Pay the required fee and follow the instructions prompt
- Ensure you thoroughly check your details to ensure error free Registration.
- Wait your certificate and other documents after few days of submission.
In conclusion, don’t wait for last minute rush, get your PoS Business registered today. Avoid government embarrassment.
FAQ: Registering Your PoS Business with CAC
Why do I need to register my PoS business with the CAC?
Registering your PoS business with the CAC provides legal recognition, allows you to open a corporate bank account, enhances your business’s credibility, and ensures compliance with government regulations. It also helps you avoid legal penalties and other disruptions.
What documents are required for my PoS business registration?
passport photograph of the proprietor or each partner.
Valid identification for the proprietor or each partner (National ID, Voter’s Card, International Passport, or Driver’s License).
Proof of payment of the registration fee.
How will I know if my registration is successful?
You will receive an email notification once your application is approved. You can then log in to your CAC account to download your Business Name Certificate and other relevant documents.
What are the benefits of registering my PoS business?
Benefits include legal recognition, access to banking and financial services, increased credibility with customers and partners, and compliance with legal requirements, which helps avoid penalties and disruptions.
