CAC directs PoS operators to register within 2 months

Corporate Affairs Commission (CAC) has asked all fintech companies, also known as Point-of-Sale operators (PoS), to register their businesses with the Commission within two months. The commission said this via its official X handle. It said this was the agreement reached at a meeting between Fintech companies and Hussaini Magaji, its Registrar-General/Chief Executive in Abuja. The commission said the measure was to safeguard the businesses of fintech customers and strengthen the economy.

It also said the move was in compliance with “Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 Central Bank of Nigeria’s guidelines on agent banking.” The commission said that the deadline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely 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,” the commission said.