Yemi Obafemi
The Federal Government through the Corporate Affairs Commission has directed all Point of Sales known as PoS operator to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.
This was disclosed during a meeting between between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja.
In a statement by the commission revealed that the CAC and Fintech agreed two months timeline for the registration which will expire on July 7, 2024.
According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide.
A statement by the commission read, “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.”
Magaji said 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.
The CAC boss said, the action is to safeguard the businesses of Fintech’s customers and strengthening the economy, adding that the deadline date was not targeted at any groups or individuals but genuinely aimed at providing protection for businesses.
Recently, the CBN stopped major fintech firms like Kuda, Opay, PalmPay and Moniepoint from onboarding new customers and instructed the companies to warn their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any accounts found engaging in such activities
