The Central Bank of Nigeria (CBN) has given Point of Sales (PoS) operators a deadline of July 7, 2024, to complete their registration with the Corporate Affairs Commission (CAC). This directive was announced during a meeting between Fintech operators and the CAC Registrar-General, Hussaini Magaji (SAN), in Abuja on Tuesday.
The registration, which aims to safeguard customers’ businesses and strengthen the economy, is in line with legal requirements and CBN directives. According to Magaji, the deadline is backed by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on agent banking.
The registration timeline, which expires on July 7, 2024, is not targeted at any specific groups or individuals but aims to protect businesses. Fintech industry representatives pledged to collaborate with the CAC to ensure a hitch-free implementation of the directive. They also emphasized the need for adequate sensitization to achieve the desired results.
The Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, assured of smooth facilitation of the process, aligning with the Renewed Hope Initiative of the present administration. Representatives from various Fintech companies, including Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay, signed a document to support the project.
The registration deadline seeks to bring PoS operators under the regulatory umbrella, bringing about a more secure and strengthened Fintech industry.
