Nigerias Central Bank (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Commission (CAC).
In a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday, he said the CBN took the stance to regulate and track no less than 2million POS operators in Nigeria within such a short period.
Speaking at the event, the CAC boss said the two-month timeline to register their agents, merchants, and individuals with the commission, was “in line with legal requirements and the directives of the Central Bank of Nigeria”.
“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” a statement titled ‘CAC, PoS OPERATORS AGREE TO TWO-MONTH DEADLINE TO REGISTER THEIR AGENTS AND MERCHANTS TO STRENGTHEN THE FINTECH INDUSTRY‘ issued by the CAC
According to him, the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.
Magaji explained that the timeline for the registration which will expire on July 7, 2024, was not targeted at any groups or individuals but aimed at protecting businesses.
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.
Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, in his remarks, pledged to ensure smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.
Opay, Palmpay Ltd, Pay Stack, Fair Money MFB, Momba, Monie Point, and Teasy Pay who were present signed up support for the project.
(C) ControlTV 2024.
