THE President Tinubu-led administration is encumbered with different but interrelated challenges, which impinge on its acceptance by the people as well as the attraction of Foreign Direct Investments into the nation. These hydra-headed challenges have therefore resulted in the dwindling resources and hence had negatively impacted the production of goods and services.

       MOSTLY, with regards to insecurity, the rate and cost of banditry and kidnapping had not abated and the demand for ransom had also witnessed the sourcing of cash outside the walls of the orthodox banks. In addition, either by coincidence or design, banking halls and Automated Teller Machines (ATMs) lack cash, while Point on Sales (PoS) operators are cash ready to grant withdrawals, and transfers for all forms of transactions. Sometimes, both operators of the PoS and their transactions remain untraceable due to the peculiarity of the business.

GIVEN the nature of the PoS business, and the extent of exploitation that accompanied the inglorious change of the outward appearance of the nation’s currency, THE HOPE is amazed that the Federal Government backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, as well as the 2013 CBN guidelines on agent banking, had just issued a two-month registration deadline to Point on Sales companies through the Corporate Affairs Commission (CAC), to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

THE Hope observes that Finteches (under which PoS operates) are either extensions of or actual business organisations which ought to be registered for monitoring, safeguard of their customers as well being adequately monitored for tax payments and financial transactions in the nation’s economy. Furthermore, with the identification by the Nigeria Inter-Bank Settlement System that there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide, it has become imperative that the security of both handlers of the PoS and their customers is adequately taken care of.  However, this can only be done with proper documentation and identification of their peculiar needs and location per time.

FURTHERMORE, the Nigeria Inter-Bank Settlement System Plc in a fraud report had also ascertained that more than 26 percent of fraud incidents in 2023 had involved PoS terminals and their operators. Thus, hiding under the loophole of non registration and or flexible registration many PoS owners and operators have ensured that fraudulent financial transactions had been perfected to the detriment of many Nigerians. Aside this, the Federal Government has also identified the illegal use of the PoS route in crypto currency deals, money laundering and terrorism financing.

THESE  financial vices have contributed in no small way to the surge in the nation’s insecurity, food scarcity and the jettisoning of the nation’s vast economic space by foreign investors. Also related to the unbridled financial illegalities of these operators is the whittling of the Naira against foreign currencies.

THEREFORE, The Hope applauds the Federal Government directives and insists that all forms of corruption, unnecessary bottlenecks and trivialities that may hinder the smooth registration of these PoS businesses must be avoided. In addition to this, all unregistered PoS at the end of the exercise must be thoroughly sanctioned as appropriate in order to reduce the incidence of frauds by many PoS  operatives.

THE Hope is therefore optimistic that government’s policy orientation towards the digitalisation of the economy and the promotion of its cashless policy may now see the light of the day. However, the Federal Government must also ensure a digital and physical environment that promotes the wellness of PoS operators in every part of the country. Also, unlike what obtained with SIM, BVN and NIN registrations, PoS registrations must be effectively used to curb crime and criminality in Nigeria.