• Only 100,000 POS operators have registered with the Corporate Affairs Commission (CAC)
• The CAC aims to formalize at least 250,000 POS operators
• Registration is mandatory for legitimate business operations and access to government interventions

The Corporate Affairs Commission (CAC) has revealed that only 100,000 Point of Sale (POS) operators have officially registered their businesses with the commission. This is part of the CAC’s POS formalization project, which aims to formalize at least 250,000 operators in the sector ¹.

According to the Registrar-General of the CAC, Hussaini Ishaq Magaji, the project is crucial in regulating the estimated 40 million micro, small, and medium enterprises (MSMEs) in Nigeria. Magaji emphasized that formalization is essential for legitimate business operations and access to government interventions.

Benefits of Registration:

• Legitimate Business Operations: Registration is mandatory for legitimate business operations.
• Access to Government Interventions: Registered businesses can access government interventions and support.
• Mitigates Risks: Registration mitigates the risks associated with unregistered businesses, such as money laundering and terrorism financing.

The CAC is working to make registration easier and more efficient, with plans to deploy an AI-driven registration portal that can deliver business registrations within 30 minutes ¹.