Over 1.8 million PoS agents must register with the CAC

  • 07 May 2024
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Halo,

Victoria from Techpoint here,

Here's what I've got for you today:

  • Over 1.8 million PoS agents must register with the CAC
  • Inside Patricia's troubling customer fund crisis
  • Your digital identity is a basic right
  • Nigeria cracks down on P2P platforms

Over 1.8 million PoS agents must register with the CAC

Nigeria's government has directed all point-of-sale (PoS) operators to register with the Corporate Affairs Commission (CAC) to crack down on fraud and make things more transparent.

This is because PoS terminals have been getting mixed up in fraud, accounting for a whopping 26.37% of fraud incidents in 2023 alone.

In 2022, Nigeria had 1.8 million point-of-sale agents. So, if these agents want to continue doing business, everyone must register with the CAC. 

Now, you and I know that PoS systems have been a game-changer in Nigeria's financial scene, especially since the Central Bank launched them back in 2013 to boost financial inclusion. They've created a tonne of jobs and helped fintech companies like Opay, Moniepoint, and Palmpay thrive.

But it hasn't been all smooth sailing. Fraud's been a major headache, prompting the CBN to step in and tighten regulations to protect customers' cash.

Thing is, becoming a PoS agent used to be a piece of cake. However, with all of this registration hoopla, things are going to be a little more complicated. See, registering a business in Nigeria can be a real hassle, involving lots of paperwork and maybe even hiring some help.

But hey, there's a silver lining. Companies like Moniepoint and Palmpay are teaming up with the CAC to make the process smoother. They're letting businesses apply for registration right from their apps, making life easier for everyone involved.

Bottom line? This move might shake things up, but per the government, it's all about keeping things legit and protecting folks' hard-earned cash.

Inside Patricia's troubling customer fund crisis

Buckle up for the latest drama with Patricia, the crypto company that's been making headlines in Nigeria. 

In May 2023, the company announced it was hacked! And to make matters worse, it had to suspend withdrawals for a bit.

It said the breach only messed with BTC and naira assets in their retail trading division, not the other crypto stuff. But here's the kicker: some ex-employees spilled the tea, claiming internal shenanigans were going on way before the hack.

But hold up, Patricia's CEO, Hanu Fejiro Agbodje, ain't having it. He's sticking to his guns, saying they were hacked, and even the cops are on the case.

But here's where it gets messy — words started flying that Patricia might be shutting down. Agbodje said they're still up and running. But things aren't looking too peachy — lots of top executives have jumped ship, and some staff got the boot too.

And get this, Patricia tried to make nice with customers by saying they'd repay them over a few years. But guess what? Their supposed partner in this repayment plan, DLM Trust, pulled out faster than you can say "crypto crash."

Meanwhile, customers are left scratching their heads, trying to figure out what's what. Some got told it was a blockchain issue, others heard it was maintenance. And now, Patricia's trying to get them to convert their assets into company shares. Talk about a wild ride!

But amidst all the chaos, there are still folks holding out hope that they'll get their money back. Find the juice in Bolus scoop here.

Your digital identity is a basic right

In the digital age, your digital identity is like your all-access pass. It lets you do everything from shopping and banking securely to customising your online experience. 

It's your ticket to new opportunities, keeping your information private, and building trust in the ever-changing online world.

Its like your online ID card, with all your information and fingerprints stored digitally. You use passwords or biometrics, like fingerprints, to prove it's you. Once confirmed, you get access to stuff based on your permissions.

Ensuring your data is safe and only accessible to the right people is super important. It should work seamlessly across multiple systems and be portable to wherever you go online.

Managing your digital identity entails creating, maintaining, and ensuring its security. Emerging tech like blockchain and AI are changing how we do this.

Interestingly, having a digital identity is becoming a basic right, and according to Chimezie Emewulu, Seamfix CEO, digital identity solutions will lay the groundwork for a thriving digital economy. Find out what this means in Chimgozirims latest insights here. 

Nigeria cracks down on P2P platforms

Image by freepik

The government is cracking down on the naira on peer-to-peer platforms to prevent people from manipulating the local currency's value in the foreign exchange market.

Emomotimi Agama, the big shot at the Securities and Exchange Commission, spilled the beans during a conversation with the Nigerian Blockchain Industry.

Its planning to roll out some new rules soon to keep things in check and ensure everything's above board. The SEC is not too pleased that some players are playing fast and loose with the naira's value. 

They reckon it's high time for everyone to play fair in the crypto world if Nigeria wants to be taken seriously on the global stage.

Remember last week, fintechs like Kuda and Moniepoint said they'd close accounts of anyone dabbling in crypto or other virtual assets. 

Now, let's rewind a bit to December 2023 when the CBN lifted the ban on banks dealing with crypto. But hold up, that didn't mean it was a free-for-all. The government's been tightening the screws, claiming it's to stop the naira from taking a nosedive.

And speaking of nosedives, Binance got the boot too. The government said its operations were illegal, and they even wanted info on its top users, blaming them for billions in naira going down the drain.

Fast forward to March 2024, and Binance said, "Enough is enough," pulling the plug on naira deposits and withdrawals.

And just when you thought things couldn't get crazier, the Central Bank told Moniepoint, OPay, Kuda Bank, and PalmPay to slam the brakes on new accounts to fight fraud.

Phew! It is like a rollercoaster ride in the Nigerian crypto world—hold on tight, because who knows what is coming next?

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Have a terrific Tuesday!

Victoria Fakiya for Techpoint Africa.