HomeBUSINESSCBN Mandates Pos Operators To Register with CAC by July 7, 2024

CBN Mandates Pos Operators To Register with CAC by July 7, 2024

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Afor Kenneth

The Central Bank of Nigeria (CBN) has set a deadline of July 7, 2024, for Point of Sales (PoS) operators to finalize registration with the Corporate Affairs Corporation (CAC).
This announcement came to light during a meeting held in Abuja between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) on Tuesday.Kadoso CBN
During the meeting, the CAC chief emphasized the importance of complying with legal obligations and directives from the Central Bank of Nigeria. He underscored the necessity for PoS operators to register their agents, merchants, and individuals with the commission within the stipulated two-month timeline.
“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” 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 added.
He emphasized that this action was supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.
Magaji clarified that the registration timeline, expiring on July 7, 2024, wasn’t directed at specific groups or individuals but aimed at safeguarding businesses.
Numerous speakers from the Fintech sector committed to collaborating with the commission to ensure seamless implementation of the directive. However, some highlighted the necessity for comprehensive and collective awareness campaigns to guarantee the exercise’s success.
Tokoni Peter, the Special Adviser to the President on ICT Development and Innovation, assured smooth facilitation of the 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, who attended the event, subsequently endorsed a document to support the project.

 

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