Corporate Affairs Commission (CAC) has set a two-month deadline for Point of Sale (PoS) operators nationwide to register their agents and merchants.
According to the new order, PoS operators in the country must register by July 7, 2024, or risk penalty.
The Registrar-General/CEO, CAC, Hussaini Magaji, SAN, met with some fintech companies, also known as PoS, on Monday in Abuja, during which the agreement was reached.
Magaji said the measure aims at safeguarding the businesses of fintech customers and strengthening the economy.
The commission stated via its X handle, tweeting as @cacnigeria1.
Magaji stated that the move complies with “Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 Central Bank of Nigeria’s guidelines on agent banking.”
The tweet partly read, “Hussaini Magaji, therefore, said that the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely 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.”
