‘PoS operators should be registered at CAC to beat withdrawal limit’
Operators of Point of Sale (PoS) as a business have been advised to quickly register their businesses at least, under a Business Name or even limited liability company at the Corporate Affairs Commission (CAC).
A Business Development expert, Dr. Ken Igboanugo in an interview with Business Hilights on the challenges of PoS operators as withdrawal limit begins, said “First of all, many people forget that operators of PoS are running business and as such should be registered with the CAC in the first instance.
“Again, many people don’t understand that doing business with an unregistered business is very risky because in case of any default, you may not get back your money if you go to court. Why, because court will fail you for doing business with an unregistered entity.”
Explaining more on why PoS operators should not decry the withdrawal limit set by the Central Bank of Nigeria (CBN) for private individuals, he said “PoS run business and therefore should be registered as one so as to have access to higher withdrawal limit.
According to him, “Besides, the government would in the process, increase its tax net. Imagine when all the PoS operators register at CAC and is captured at the tax net, government revenue will go up. I believe that the new withdrawal limit of N5m for registered businesses will be okay for PoS operators than the lower amount for private individuals.
He further advised Nigerians patronizing PoS owners to always ask if they are registered with the CAC before doing business with them to be on a safer side in case of default.
