The Association of Mobile Money and Bank Agents of Nigeria (AMMBAN) will today, July 1, 2024, receive a ruling from the Federal High Court on a lawsuit against the Corporate Affairs Commission (CAC) over the mandatory registration of Point of Sale (POS) agents.
TimesNow.com.ng had earlier reported that the CAC had given July 7, 2024, the deadline for POS operators to register with the commission.
Subsequently, banks sent notices to PoS operators in their network to adhere to the directives on or before the deadline or risk getting their accounts blocked.
Palmpay, in a message signed by Umuteme Enakeno, head of marketing and communication, said:
In an exclusive Chat with TimesNow.com.ng, Fasasi Atanda, national president of AMMBAN, said that the directive for PoS operators to register contradicts the current CBN agent banking regulations.
He noted that the current CBN agent banking regulations clearly allow individuals to be onboarded as agents under the sub-agent category.
His words:
The association also argued that CAC claims the registration is to curb fraud are deceitful because numerous registered businesses are committing fraud in Nigeria.
He added:
AMMBAN president also revealed that they are in court to seek interpretation on CAMA, if individuals should be forced to register with CAC.
Others include he said:
Earlier, TimesNow.com.ng reported that PoS operators hiked charges to over 100% following persistent cash scarcity.
Check showed that the PoS operators, which served as a last resort for cash-strapped Nigerians, increased their fees to N400 for every N10,000 withdrawal instead of the N200 they previously charged.
The situation is worse in some states, especially in Lagos, where most ATMs are dry or customers form long queues to withdraw.
