In the bid to curb financial malpractices and ensure transparency in financial institutions, Nigeria has mandated her 1.9 million point-of-sale (PoS) agents to register with the country’s Corporate Affairs Commission (CAC).
Tech Diary reported on Saturday last week that Opay had issued a notice prohibiting virtual currency trading and cryptocurrency on its platform.
This is due to the recent strict regulations by Nigeria’s central bank on fintechs dealing with POS in order to ensure that best practices such as the know-your-customer (KYC ) are strictly adhered to.
According to TechCabal, “This week’s new rule comes as fraud incidents involving POS terminals are rising. POS terminals accounted for 26.37% of fraud incidents in 2023, according to a fraud report by the Nigeria Inter-Bank Settlement System Plc (NIBSS).”
