According to the recent news released by Corporate Affairs Commission(CAC) stating that all POS Merchant business in Nigeria must ensure they are registered On or before 7th July, 2024, we have highlighted 5 benefits on why POS business Merchants needs to comply with this directive to get their business registered with CAC.
It is important to state that reason why POS merchants are asked to register their business with CAC is supported by Section 863 subsection 1 of the Company and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guideline on agent banking.
As we are all aware that one of the most easy to start business in Nigeria is the Point of Sale (POS) Merchant business because of the associated need for people to make use of cash for their day to day business transactions and need. It is noteworthy for POS merchant to comply with this directives in order to enjoy the following benefits:
1. Registering your POS business will further protect your business and boost public confidentiality on it.
2. It will enable POS merchant have easy access to government grant and loans to boost business operations.
3. It will also foster efficient business relationship between the POS merchant and the bank for ease of doing business.
4. It will protect the POS merchant from performing fraudulent activities such as cryptocurrency activities among others.
5. It will give the business opportunity to perform financial transactions in her Business/ Corporate name as against the usual practice of personal name.
Contact us today to get your business name registered.
