The Corporate Affairs Commission CAC on Monday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission.
This, according to the commission, is in line with legal requirements and the directives of the Central Bank of Nigeria.
The development, which will affect about 1.9 million operators, was agreed on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja.
Grassroots Parrot reports that there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide, according to the Nigeria Inter-Bank Settlement System data.
Shortly after the meeting, the CAC Registrar-General told newsmen that the measure was aimed at safeguarding the businesses of Fintech’s customers and strengthening the economy.
Magaji noted 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.
A statement by the commission reads further, “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 (Monday) during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja.”