Registration of PoS operators in 2024 targeted at generating govt tax revenue in Nigeria

 Registration of PoS operators in 2024 targeted at generating govt tax revenue in Nigeria

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has said that the recently mandated registration of PoS operators in Nigeria is an attempt to tax more Nigerians to generate revenue for the government The National General Secretary of the group, Oluwasegun Elegbede, stated this in a statement on Tuesday. 

He discountenanced the Corporate Affairs Commission’s (CAC)’s claim of fighting PoS crime through registration, noting that the types of crimes being committed through PoS cannot be tackled with registration.  

While the CAC had recently announced that the PoS operators have until July 7, 2024, to get registered, the AMMBAN Secretary said the CAC is already threatening to deploy the police to go after agents who fail to register by that date.What AMMBAN is saying 

Although the CAC claimed it had an agreement with representatives of the PoS operators before fixing the timeline for the mandatory registration, mobile money agents in the statement said,  

“AMMBAN strongly disagrees with the recent directive by the Corporate Affairs Commission (CAC) that all POS agents must register with it, regardless of their status as individuals or non-individuals  We believe this directive is unnecessary, contradictory to existing laws, and amounts to a mere revenue generation move to further tax hapless Nigerians. 

“We disagree with the CAC’s claim that it wants to fight crimes in the agency banking business space through registration. We believe that the kind of crimes in the space are both human and technical, which CAC registration cannot fight,” the group added. 

AMMBAN argued that many of the PoS agents are individuals and registration for them is not mandatory by law.  Allegations against PoS operators 

AMMBAN also reacted to a recent allegation of cash hoarding against the PoS operators and banks made by the Economic and Financial Crimes Commission (EFCC). 

The body described the allegation as damaging to the reputation of its members who are doing their businesses legitimately.  

“Our Association finds it criminal for anyone to buy and sell cash, as our role is to bring succour to the general populace at a convenient cost to serve.