CBN sets July 7 deadline for PoS operators’ registration with CAC

 

The Central Bank of Nigeria (CBN) has set a firm deadline for Point of Sales (PoS) operators to finalise their registration with the Corporate Affairs Corporation (CAC) by July 7, 2024.

This announcement came to light during a pivotal meeting between Fintech representatives and the Registrar-General/Chief Executive Officer (CAC), Hussaini Magaji (SAN), held in Abuja on Tuesday.

In his address, Magaji emphasised the critical importance of adhering to the two-month timeline for registering agents, merchants, and individuals with the commission, citing compliance with legal requirements and directives from the CBN.

According to a statement titled ‘CAC, PoS Operators Agree to Two-Month Deadline to Register Their Agents and Merchants to Strengthen the Fintech Industry,’ issued by the CAC, this measure aims at bolstering Fintech customers’ businesses and fortifying the economy.

Magaji underscored that this action is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, as well as the 2013 CBN guidelines on agent banking.

He clarified that the deadline, ending on July 7, 2024, is not targeted at specific groups or individuals but rather aims at safeguarding businesses collectively.

 

Prominent voices from the Fintech sector committed to collaborating with the commission to ensure the seamless implementation of this directive.

 

While expressing support, some stressed the necessity for comprehensive and collective sensitisation to ensure the efficacy of the exercise.

 

Tokoni Peter, the Special Adviser to the President on ICT Development and Innovation, affirmed his commitment to facilitating a smooth process in alignment with the Renewed Hope Initiative of the current administration.

Representatives from Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay, present at the event, further solidified their dedication by signing a document in support of the project.