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Nigeria Mandates Registration of 1.9 Million PoS Agents to Combat Fraud 🇳🇬 💳

Nigeria Mandates Registration of 1.9 Million PoS Agents to Combat Fraud 🇳🇬 💳

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Dive into Nigeria's latest regulatory move aimed at combating fraud in the burgeoning fintech sector! Discover how the mandate to register 1.9 million PoS agents is reshaping the landscape, impacting key players like Moniepoint and PalmPay, and ushering in a new era of transparency and accountability in the country's financial ecosystem. Stay informed on the latest developments shaping Africa's largest economy!🌍💳

In a bid to tackle rising fraud incidents, Nigeria mandates the registration of 1.9 million PoS agents with the Corporate Affairs Commission (CAC), disrupting the fintech landscape. Fraud involving POS terminals surged, comprising 26.37% of incidents in 2023, prompting regulatory action and partnerships between fintechs and CAC to streamline business registration processes. 🇳🇬💳


Key players like Moniepoint and PalmPay are already leveraging partnerships with CAC to digitize business operations and facilitate agent registration, signaling a shift towards transparency and accountability in Nigeria's financial ecosystem. The move aims to enhance transparency and security while ensuring the sustainability of agent banking initiatives in Nigeria. 📈💼


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