News Desk
The Federal Government, via the Corporate Affairs Commission (CAC), has issued a two-month registration deadline to Point of Sale (PoS) companies to register their agents, merchants, and individuals in compliance with legal requirements and Central Bank of Nigeria directives. This decision emerged from a meeting on Monday between Fintechs and the Registrar-General of CAC, Hussaini Ishaq Magaji, in Abuja.
With over 1.9 million PoS terminals deployed nationwide according to the Nigeria Inter-Bank Settlement System, the CAC aims to safeguard Fintech customers’ businesses and bolster the economy. This initiative aligns with Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, and the 2013 CBN guidelines on agent banking.
The registration deadline, expiring on July 7, 2024, is not targeting specific groups or individuals but is intended to provide business protection. This directive comes amidst rising fraud incidents involving POS terminals and the Central Bank of Nigeria’s plans to restrict trading in cryptocurrency or virtual currency.
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The new regulation mandates PoS agents to register with the Corporate Affairs Commission, expanding beyond previous requirements under CBN regulations. Fintechs now face the task of complying with this updated rule by providing comprehensive agent information to the CAC.
In a statement, the commission emphasized the agreement between the Corporate Affairs Commission and fintech companies, also known as PoS operators, regarding the registration timeline for their agents, merchants, and individuals, in accordance with legal requirements and CBN directives.
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