The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC).
This was disclosed at a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday.
Magaji 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.”
He added: “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 Merchants to Strengthen the Fintech Industry issued by the CAC added.
He stressed that the move was also 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.
Scores of speakers from the Fintech industry promised to collaborate with the commission to ensure hitch-free implementation of the directives.
Some of them emphasised the need for adequate and collective sensitisation, to ensure that the exercise achieves the expected results.
In a remark, the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, pledged to ensure smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.
The representatives of Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay present at the event, later signed up for a document to support the project.
