CAC extends registration deadline for POS operators to September 5

The Corporate Affairs Commission (CAC) has extended the registration deadline for point of sales (POS) operators to September 5.

The CAC announced the extension on Saturday in a statement signed by its management.

The commission said the initial deadline of July 7 has been extended to September 5 — a 60-day extension for the registration of sole agents, super agents, and agents.

The agency said the decision aims to provide sufficient time for operators to complete their registration.

“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents, and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024,” the statement reads.

“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.”

The CAC said operators who fail to register by the end of the new deadline risk losing their businesses and facing prosecution for aiding and abetting criminal activities.

On May 6, CAC and financial technology (fintechs) companies agreed to a two-month timeline to register their agents and merchants.

The commission had issues a deadline of July 7 for the exercise.

However, the POS operators, on May 14, announced plans to sue the CAC over the mandatory registration requirements.

Elegbede Oluwasegun, the national general secretary of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), said the operators decided to take legal action to challenge the legality of the directive.

Oluwasegun said CAC has no jurisdiction over individuals not operating as a company.