PoS Operators Get 2-Month Deadline To Register With CAC

Operators of Point of Sales terminal across the country have been directed to register their operations within two months. The Corporate Affairs Commission advised the operators to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

Nigeria currently has about 1.9 PoS operators scattered across the country Speaking at a meeting in Abuja, the Registrar-General CAC, Hussaini Ishaq Magaji, said the measure was aimed at safeguarding the businesses of Fintech’s customers and strengthening the economy.

He pointed out 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 him, the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at providing protection for businesses.

CAC said; “The Corporate Affairs Commission and fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.

“The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja.” Related News CBN directs banks to suspend charges on deposits till September CBN clarifies education, petroleum tax for cash pooling settlement EXPLAINER: What CBN’s 0.5% (0.005) cybersecurity levy means.