POS simply means Point of Sale. It is a device that is used to process transactions by retail customers. In Nigeria however it is not only used in shops alone but individuals use this device to do other businesses. The POS operators now use the device to do the following: withdrawal, transfer, airtime top-up, payment of electricity bill and other things. This business has become a lucrative one for individuals since banks in Nigeria do not meet the demands of their customers.
There is no corner in any state in Nigeria that a POS operator won’t be found, there are many POS operators and new ones are springing up too. These POS operators has bridged the gap between the citizens and their monies. They are easily accessible but their importance has also been hit with some bad news where some POS operators scammed people of their hard earned monies.
The increasing rate of the business and the antecedent scam has warranted the directives made by the Central Bank of Nigeria (CBN). The CBN has ordered all POS operators to register their business with Corporate Affairs Commission (CAC) on or before July 7th 2024. If you are a POS operator and you are wondering how to go about the registration, worry no more. In this blog, we will show you how to register your POS business with CAC
Read:HOW TO REGISTER A BUSINESS NAME
How do you register your POS business with CAC?
The POS business can be registered as Business Name (Enterprise) or a Limited Liability Company. This is solely dependent on how big the business has grown.
To register your POS business as a Business Name all you need are the following;
- 2 names for name search
- Your ID card
- Your passport photograph
- Your signature signed on a paper
- Business address
- Business phone number
- Business Email address
- The proprietor names
- Phone number
- Address
- Date of birth etc.
Once all these are in place you are good to register your POS business. All these requirements are what is needed a register POS business with CAC in Nigeria.
Read also: HOW TO REGISTER A LIMITED LIABILITY COMPANY in Nigeria
In conclusion, you must be an accredited agent with CAC to be able to navigate your way through CAC portal. Once your business is registered, you will be issued a Certificate. Once your business is registered, in the eyes of the law your business is a legal business. Please hurry up and register your POS business today to avoid the rush.
