CAC gives PoS operators two months to register

Point of Sales (PoS) operators have been asked to register their businesses no later than July 7, 2024. This directive is from the Corporate Affairs Commission (CAC), which is part of measures to protect the sector. The operators include PoS agents of major fintechs in Nigeria, including OPay, Palmpay and Moniepoint, among others.

The Registrar General of the CAC, Hussaini Magaji, who disclosed this in a statement issued by the Commission, said that this was the agreement with the PoS operators after a meeting in Abuja.

Magaji said that the registration is also in line with the legal requirements and directives of the Central Bank of Nigeria (CBN). He disclosed that the timeline for the registration is not targeted at any groups or individuals, but genuinely aimed at protecting businesses.

He further stressed that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, as well as the 2013 CBN guidelines on agent banking.

According to the statement, the Special Adviser to President Bola Tinubu on ICT Development and Innovation, Tokoni Igoin Peter, in his remarks at the meeting, pledged to ensure smooth facilitation of the process in line with the Renewed Hope agenda of the current administration.

The statement said: “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.”