PoS Operators Should Be Registered At CAC To Beat Withdrawal Limit

PoS operators must take the necessary steps to protect their businesses and customers, according to Dr. Ken Igboanugo, a Business Development Expert. In an interview with Business Hilights, Dr. Igboanugo highlighted the importance of registering PoS businesses with the Corporate Affairs Commission (CAC) to ensure the legitimacy of the operation.

One of the biggest challenges facing PoS operators is the recent withdrawal limit set by the Central Bank of Nigeria (CBN) for private individuals. Dr. Igboanugo emphasized that PoS operators are, in fact, running a business and should therefore be registered as such. Doing business with an unregistered entity is risky, as in the event of default, there is a possibility that the court may not recognize the transaction.

By registering with the CAC, PoS operators can have access to higher withdrawal limits, which is essential for the smooth operation of their businesses. Furthermore, by registering, the government would be able to increase its tax net, thus boosting its revenue. The new withdrawal limit of N5m for registered businesses, according to Dr. Igboanugo, would be more favorable for PoS operators compared to the lower amount for private individuals.

To protect their customers, Dr. Igboanugo advised Nigerians to always verify if PoS operators are registered with the CAC before conducting business with them. This will provide peace of mind in case of default, as customers can have confidence that they are doing business with a legitimate entity.

In conclusion, Dr. Igboanugo emphasized the importance of PoS operators registering their businesses with the CAC to ensure the safety of their customers and the stability of their operations. This simple step can provide a range of benefits, including access to higher withdrawal limits and increased government revenue, making it a win-win situation for all parties involved.

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