The Registrar-General (RG), Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, Wednesday said Fintech Nigeria machines, popularly known as POS, are expected to be registered with the commission to track criminals who use the machines to extort money from their victims.

The registration is to enable the government to track kidnappers, criminals and bus thieves, also known as ‘One Chance’

The RG stated this this during the launch of CAC registration agents and merchants of Fintechs in Abuja, stating that the commission is  training its staff members to work 24 hours to meet their demands.

Magaji said: “This training is to equip the trainers to work round the clock, not just office hours, which means they can work from home, since they have all the  facilities they need. The registration for POS operators is still ongoing. It will close by July 7, 2024. No matter what business you operate in Nigeria today, you are under the law of Nigeria to ensure your business is registered with the CAC.

“We assume that in that 60 days all POS operators must have registered their businesses. This must be done in their own interest. Again, if a business or an individual has been using POS machine without registration, just know that from the day you acquired that POS, you are being charged N200 and everyday counts. So, the day you come for registration, your payment for the machine will be backdated to the day you started using it.

“In most banks at present, there are POS machines, which are not registered and not attracting any charges.Even though they are in the bank, they should be registered and charges met like any other POS on the street. After the deadline of 60 days without registration, they will be termed as criminals.”

The RG said most criminals move around with unregistered POS machines, and if anything happens, the POS could be traced through its registered number, and the criminals caught.

“Again, with the registration, these group of people can get loans from the bank, knowing the legitimacy of their businesses,’’ he added.