The Corporate Affairs Commission (CAC) has issued a directive requiring all Point of Sales (PoS) agents affiliated with major financial technology firms in Nigeria to formalize their businesses through registration. Failure to comply may lead to arrest by law enforcement for engaging in unauthorized transaction activities.
During the official launch of the CAC’s registration initiative for fintech agents and merchants in Abuja on Wednesday, the Registrar-General, Hussaini Magaji, affirmed this mandate. Additionally, he emphasized that security agencies would take action against PoS operators who neglect to register with the CAC before the July 7, 2024 deadline.
The launch event also marked the introduction of a 24-hour service center aimed at facilitating swift responses to inquiries and approvals for prospective applicants.
This directive stems from the government’s recent pronouncement, issued through the commission, setting a two-month registration deadline for PoS operators to formalize their status as corporate entities in accordance with legal requirements and directives from the Central Bank of Nigeria (CBN).
This regulatory action, supported by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, as well as the 2013 CBN guidelines on agent banking, serves the dual purpose of safeguarding businesses and fortifying the economy.
The decision also responds to the escalating incidence of fraudulent activities involving PoS terminals, as well as plans by the CBN to prohibit the trading of cryptocurrency or any virtual currency.
Magaji underscored the government’s commitment to implementing this mandate by establishing a fully digitized service center to streamline the registration process. He further cautioned that the 60-day deadline would not be extended, emphasizing that non-compliant individuals would face appropriate penalties post-deadline.
He stated, “We have established a 24-hour service center to cater to inquiries from Point of Sales operators and agents seeking registration as mandated by the new policy. This underscores the government’s earnest approach to addressing this matter, with the center operating round-the-clock to ensure compliance and gather feedback, especially from PoS operators obligated to register their businesses with the commission.”
DNews Info is a trusted source for breaking news, insightful commentary, and in-depth coverage of events across Nigeria and beyond. With a commitment to delivering accurate, timely, and engaging stories, we aim to keep our readers informed and empowered. Stay connected for the latest updates in politics, business, entertainment, and more.
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
