The Corporate Affairs Commission (CAC) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Commission.
The directive came at a meeting between Fintechs and the Registrar-General/Chief Executive Officer of CAC, Hussaini Magaji (SAN) in Abuja today, May 7.
The CAC boss said that the two-month timeline to register their agents, merchants and individuals with the commission, is “in line with legal requirements and the directives of the Central Bank of Nigeria.
“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy.”
He said that the action was backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.
Magaji explained that the timeline for the registration which will expire on July 7, 2024, is not targeted at any groups or individuals but aimed at protecting businesses.
Several speakers from the Fintech industry pledged to collaborate with the commission to ensure hitch-free implementation of the directive.
Some of them, however, stressed the need for adequate and collective sensitisation, to ensure that the exercise achieved the desired results.
The representatives of Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay present at the event, signed up for a document to support the project.
No penalty was spelt out for those who fail to register on or before the deadline.
