ILORIN – An estimated N1.5 billion in deposits intended for point of sale (PoS) operations in Kwara could be at risk, impacting near 10, 000 operators in the grassroots financial services sector if the Federal Government proceeds with implementing the July 7 deadline for all PoS agents to register with the Corporate Affairs Commission (CAC), as highlighted by the Kwara Association of Professional Point of Sales Agents (KAPPSA).

The Central Bank of Nigeria (CBN) has set a July 7, 2024 deadline for PoS operators to finalize their registration with the Corporate Affairs Commission.

With the deadline elapsing, CBN may freeze deposits of PoS operators.

However, representatives of the PoS agent umbrella body voiced concerns to journalists in Ilorin on Wednesday in joint statement, emphasizing that the CAC registration process is intricate and time-consuming.

They appealed to the CBN and the federal government to extend the deadline.

“The Federal Government should consider extending the timeframe for PoS agents to complete the registration process, given its significance to the local economy and the 10,000 estimated agents in the state,” stated Alhaji Mumini Gowon, Chairman of the KAPPSA Board of Trustees.

Echoing these sentiments, Ridwan Opakunle, the National President of KAPPSA, in a statement he signed along with Mr. Kayode Moses Olatunji, secretary and Olukayode Adekunle, PRO, of the association, acknowledged the difficulties encountered in the CAC registration process, despite the association’s efforts to facilitate arrangements with the local CAC office in Ilorin.

“The registration obstacles faced by operators, including issues with the CAC website and the issuance of duplicate Business Name (BN) numbers, necessitate an extension beyond July 7. We seek assistance in addressing these registration hurdles,” Opakunle emphasized.

He also reaffirmed KAPPSA’s unwavering support for the government’s recent actions to regulate PoS activities in the country.

“While our services are vital to the local economy, we recognize the significant security concerns associated with them.

“We have engaged with various security agencies such as NSCDC, EFCC, Police, and others to safeguard our members and clients.

“We earnestly appeal to the government for an extension of this deadline to support our members,” he added.

Similarly, KAPPSA urged the police in Kwara to uphold their cooperation with the association, particularly in enforcing the CAC registration ultimatum.

Earlier announcements from the police indicated plans to apprehend PoS agents not compliant with full CAC registration.

“While we are actively supporting our members through the new process, it remains cumbersome.

“KAPPSA maintains a comprehensive database of all its members, which we are willing to share with the police and other security agencies to enhance mutual collaboration,” highlighted Opakunle.