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What Will Happen To POS Operators After July 7th, 2024 - Business - Nairaland

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What Will Happen To POS Operators After July 7th, 2024 by webgenius234(m): 5:19pm On Jul 01
CAC has made it mandatory for POS terminals, whether as agents, merchants, or individuals to register with the Corporate Affairs Commission before the commencement of business, while those that already commenced business were given 7th July 2024 as the deadline to register same.

This directive was made to enable the corporation monitor and know all eligible POS operators in the country. It is also believed that it will curb criminal activities as a lot of money is lost to criminal activities of POS operators.

With the deadline closing in, what becomes the faith of POS operators. Many operators are registered while a lot are still dragging their feet on the matter.

Many POS operators have insisted on an increment in charges if forced to register with CAC.

As it is, the umbrella body of POS operators in Nigeria, Association of Mobile Money Operators in Nigeria (AMMBAN) have decided to sue the Corporate Affairs Commission (CAC) for this ill timed directive.

But what is the faith of those that decides not to register?

Admittedly, it'll be hard for these terminal providers to withdraw their terminals or afford to lose customers so the only possible implication for those that fail to register will be to downgrade them from a previous tier. This will mean that they won't be able to perform enough transactions as they formally do.

Depending on the terminal provider, though most tiers are up to 5 with different transaction limit. So those of level 4 might be dropped to level 2 or 3. It will then be in the best interest of the POS operator to register with CAC so he can be upgraded to do more transactions.

As we fold our arms for the outcome and decision of CAC, we will only assume that their decision won't affect this large employer of labour in Nigeria.

https://posbusinessnaija..com/2024/07/what-will-happen-to-pos-operators-after.html?m=1

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Re: What Will Happen To POS Operators After July 7th, 2024 by leadinggists(m): 5:22pm On Jul 01
I'm in
Re: What Will Happen To POS Operators After July 7th, 2024 by Oxb90: 5:25pm On Jul 01
It is a sin to be poor in Nigeria.
Imagine a POS operator going to register with a corporate affairs.

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Re: What Will Happen To POS Operators After July 7th, 2024 by madone: 5:41pm On Jul 01
If the country was not as hellish as it is this is really a perfect idea. Government to help by reducing the charges for registration.

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Re: What Will Happen To POS Operators After July 7th, 2024 by immortalcrown(m): 5:45pm On Jul 01
The registration, which will be stressful, is necessary. What I condemn is the time frame. The registration deadline should be extended.

Avoid the attached link.

Let me quote the link in case the poster later changes it.
webgenius234:
https://posbusinessnaija..com/2024/07/what-will-happen-to-pos-operators-after.html?m=1

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Re: What Will Happen To POS Operators After July 7th, 2024 by Jostoman: 5:52pm On Jul 01
The Useless government dont want to provide jobs for the poor masses but they are working tirelessly to destroy the little one nigerians manage to create for themselves.

I have never seen a government who is as heartless and wicked like APC government.

1 Like

Re: What Will Happen To POS Operators After July 7th, 2024 by ifytrik(m): 5:53pm On Jul 01
Oxb90:
It is a sin to be poor in Nigeria.
Imagine a POS operator going to register with a corporate affairs.
Re: What Will Happen To POS Operators After July 7th, 2024 by ifytrik(m): 6:12pm On Jul 01
Jostoman:
The Useless government dont want to provide jobs for the poor masses but they are working tirelessly to destroy the little one nigerians manage to create for themselves.

I have never seen a government who is as heartless and wicked like APC government.
I am a p o s operator and God knows I will never do that foolish registration they are asking us to do, over here we still charge 100 naira for 10k transaction, now out of that 100 naira the company will take 60 naira and you are left with 40 naira gain, if you minuse let's say printout paper 5 naira and data 5naira=10 naira you are left with just 30 naira gain, then the evil government will likely charge you around ten naira and you will be left with just 20 naira, just imagine, this government just want to make the poor poorer while the enrich themselves

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Re: What Will Happen To POS Operators After July 7th, 2024 by Jostoman: 6:19pm On Jul 01
ifytrik:
I am a p o s operator and God knows I will never do that foolish registration they are asking us to do, over here we still charge 100 naira for 10k transaction, now out of that 100 naira the company will take 60 naira and you are left with 40 naira gain, if you minuse let's say printout paper 5 naira and data 5naira=10 naira you are left with just 30 naira gain, then the evil government will likely charge you around ten naira and you will be left with just 20 naira, just imagine, this government just want to make the poor poorer while the enrich themselves
They just dont want any progress for the poor masses.

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Re: What Will Happen To POS Operators After July 7th, 2024 by iLoveYouToo(m): 8:24pm On Jul 01
Oxb90:
It is a sin to be poor in Nigeria.
Imagine a POS operator going to register with a corporate affairs.


Na people like you go say vulcanizers dey poor
Re: What Will Happen To POS Operators After July 7th, 2024 by AfeezShomorin(m): 8:53pm On Jul 01
Nothing will happen, POD business will continue as usual

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Re: What Will Happen To POS Operators After July 7th, 2024 by EchoEnigma: 9:21pm On Jul 01
Oxb90:
It is a sin to be poor in Nigeria.
Imagine a POS operator going to register with a corporate affairs.
Can you explain why you think they should not?
Re: What Will Happen To POS Operators After July 7th, 2024 by papyjaypaul: 10:30pm On Jul 01
This country eh, where banks de, na POS come get money pass bank. Now money no de ATM but POS de always get cash grin

Nigerians now officially have to buy cash. And we say we are progressing

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Re: What Will Happen To POS Operators After July 7th, 2024 by papyjaypaul: 10:32pm On Jul 01
ifytrik:
I am a p o s operator and God knows I will never do that foolish registration they are asking us to do, over here we still charge 100 naira for 10k transaction, now out of that 100 naira the company will take 60 naira and you are left with 40 naira gain, if you minuse let's say printout paper 5 naira and data 5naira=10 naira you are left with just 30 naira gain, then the evil government will likely charge you around ten naira and you will be left with just 20 naira, just imagine, this government just want to make the poor poorer while the enrich themselves

E go surprise you as de go use EFCC carry una say u de launder money grin
Dem go con confiscate the money, seize am from your hand, say na unregistered money

There was a time VTU operators get shop

The law is an ass grin
Re: What Will Happen To POS Operators After July 7th, 2024 by leokid866: 11:50pm On Jul 01
Jostoman:
The Useless government dont want to provide jobs for the poor masses but they are working tirelessly to destroy the little one nigerians manage to create for themselves.

I have never seen a government who is as heartless and wicked like APC government.
Oga stop foaming at the mouth....even in the almighty US no bank will give you a pos terminal unless you show proof of business registration.....outside of taxes it makes it easier to track fraud via card transactions something easy to do via the terminals and something Nigerian banks have been struggling with for so long......
Re: What Will Happen To POS Operators After July 7th, 2024 by samomoli: 5:54am On Jul 02
Track which fraud . SIM registration and NIN . how many fraud and terrorist have they apprehended. Government suffering the people unnecessarily

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Re: What Will Happen To POS Operators After July 7th, 2024 by Jostoman: 8:27am On Jul 02
leokid866:
Oga stop foaming at the mouth....even in the almighty US no bank will give you a pos terminal unless you show proof of business registration.....outside of taxes it makes it easier to track fraud via card transactions something easy to do via the terminals and something Nigerian banks have been struggling with for so long......
which fraud? So what is the work of BVN and NIN? If government cannot track fraud through BVN and NIN so what is the usefulness of both of them.

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Re: What Will Happen To POS Operators After July 7th, 2024 by leokid866: 8:49am On Jul 02
Jostoman:
which fraud? So what is the work of BVN and NIN? If government cannot track fraud through BVN and NIN so what is the usefulness of both of them.
lol na because dem never use POS terminal run your details before.......

1 Like

Re: What Will Happen To POS Operators After July 7th, 2024 by ifytrik(m): 11:02am On Jul 02
leokid866:
Oga stop foaming at the mouth....even in the almighty US no bank will give you a pos terminal unless you show proof of business registration.....outside of taxes it makes it easier to track fraud via card transactions something easy to do via the terminals and something Nigerian banks have been struggling with for so long......
Re: What Will Happen To POS Operators After July 7th, 2024 by owem19(m): 11:11am On Jul 02
No dey talk wetin you no know
leokid866:
lol na because dem never use POS terminal run your details before.......
Re: What Will Happen To POS Operators After July 7th, 2024 by owem19(m): 11:12am On Jul 02
Look at your name
leokid866:
lol na because dem never use POS terminal run your details before.......
Re: What Will Happen To POS Operators After July 7th, 2024 by gfelo(m): 12:24pm On Jul 02
It is profoundly unfortunate that in Nigeria, while attempting to address one problem, authorities inadvertently create another. While they can effectively combat minor theft, apprehending major criminals remains elusive. The continued hardship faced by Nigerians may eventually reach a tipping point, leading to decisive action, we dey wait.
Re: What Will Happen To POS Operators After July 7th, 2024 by bluepanther(m): 12:37pm On Jul 02
Ggg
Re: What Will Happen To POS Operators After July 7th, 2024 by youngrichnigga: 12:57pm On Jul 02
By default every such electronic devices have an IMEI number that is unique and traceable always, the sim used is also required registered by default, I don't know why there's so many registrations in Nigeria for everything, from NIN, BVN, passport, etc and they keep pilling on others........to think this is a government that wants to ease doing business for small businesses angry angry angry angry angry

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