AMMBAN Rejects CAC’s Mandate For PoS Operators to Register
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has opposed the recent directive from the Corporate Affairs Commission (CAC), which mandates that all Point of Sale (POS) agents must register with the commission, irrespective of their status as individuals or entities.
Oluwasegun Elegbede, AMMBAN’s National General Secretary, issued a statement condemning the directive which he described as redundant and inconsistent with current laws. He asserted that the move seems designed purely to generate revenue and imposes an unwarranted financial strain on already burdened Nigerians.
In his words,
“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. We see their efforts as merely a revenue generation move to further tax hapless Nigerians who are trying to get by.”
Citing Section 18(1) of CAMA which states that “a person may apply to the Commission for the registration of a company” and Section 22(1) states that “a company shall be deemed to be a separate legal entity from its members. This implies that individuals and non-individuals (companies) have different legal statuses and requirements.
“Moreover, the CBN Policy on Financial Inclusion and Development states that “agency banking services shall be provided by agents who are individuals or non-individuals (companies) registered with the CBN” (Section 2.1). This policy clearly recognizes the distinction between individuals and non-individuals and does not require individuals to register with the CAC,” the association argued.
The association has further described it as worrisome that the CAC was threatening to deploy the police to go after agents who fail to register by July 7.
