The Central Bank of Nigeria (CBN) has set a deadline of July 7, 2024, for Point of Sale (PoS) operators to complete their registration with the Corporate Affairs Commission (CAC).
The announcement came during a meeting in Abuja on Tuesday between Fintechs and the CAC’s Registrar-General/Chief Executive Officer, Hussaini Magaji (SAN).
At the meeting, the head of the CAC stated that the two-month period given to register agents, merchants, and individuals is in compliance with the legal requirements and the directives of the Central Bank of Nigeria.
A statement titled ‘CAC, PoS OPERATORS AGREE ON TWO-MONTH DEADLINE FOR REGISTRATION TO STRENGTHEN THE FINTECH INDUSTRY,’ released by the CAC, further explained that the initiative is designed to protect the interests of Fintech customers and to fortify the economy.
He stressed that 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.
Numerous Fintech industry speakers committed to working with the commission to guarantee a seamless implementation of the directive. However, some emphasized the importance of sufficient and joint sensitization to ensure the initiative’s success. Tokoni Peter, the Special Adviser to the President on ICT Development and Innovation, assured in his statement that he would facilitate the process smoothly, aligning with the current administration’s Renewed Hope Initiative. Representatives from Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay, who attended the event, subsequently signed a document endorsing the project.
