Group decries necessary CAC registration for PoS brokers

…Says 1.5m jobs misplaced in a single 12 months

The Affiliation of Cellular Cash and Financial institution Brokers of Nigeria (AMMBAN) has decried the Central Financial institution of Nigeria (CBN) directive mandating all Level of Sale (PoS) brokers to register with the Company Affairs Fee (CAC).

AMMBAN acknowledged this in a latest press assertion the place it insisted that the explanation tendered by the regulator that the registration was to curb crime within the fintech house was not tenable, sustaining that it was purely revenue-driven agenda.

“The Affiliation of Cellular Cash and Financial institution Brokers of Nigeria (AMMBAN) strongly disagrees with the latest directive by the Company Affairs Fee (CAC) that each one PoS brokers should register with it, no matter their standing as people or non-individuals. We imagine this directive is pointless, contradictory to present legal guidelines, and quantities to a mere income technology transfer to additional tax hapless Nigerians”, it mentioned.

AMMBAN acknowledged that it had made and would nonetheless make spirited efforts in combating the problem of crimes throughout the Nigerian fintech ecosystem and condemned the insistence of CAC to deploy the police to execute the directive in opposition to those that fail to register their enterprise by July 7.

Fasasi Sarafadeen Atanda, chairman, AMMBAN, mentioned that inconsistent insurance policies within the fintech house had led to lack of jobs within the sector.

In line with him, Nigeria at the moment has over 3.7 million PoS in circulation. Nonetheless, service suppliers had been solely capable of deploy 2.7 million, leaving the hole of 1 million PoS amounting to a lack of about a million jobs in Nigeria.

“We all know the implications of most of those insurance policies that aren’t nicely thought out and their impacts on the economic system usually. “We’ve misplaced over 1.5 million jobs within the final one 12 months,” Atanda mentioned.