The Corporate Affairs Commission (CAC) has reported that around 100,000 PoS operators have been formally registered under the PoS formalization project.
Current Registration Statistics
To date, the commission has registered about 100,000 PoS operators, which is a significant shortfall from the anticipated 250,000 registrations. CAC Registrar Hussaini Magaji highlighted the gap between actual and expected registrations and expressed the objective to formalize 50% of all micro enterprises in the economy.
Role of AI in Registration
CAC is exploring the integration of artificial intelligence to streamline routine operations like name reservation and registration, allowing human resources to focus on more complex tasks.
Economic Impact and Fintech Involvement
Financial technology has significantly impacted government revenue through the introduction of the Electronic Money Transfer Levy. In December 2024, revenue from this tax peaked at 31.2 billion naira.
Despite successes in registering 100,000 PoS operators, CAC aims to continue efforts in formalization and integration of innovative technologies to improve processes and enhance economic security.
