CAC sets July 7 deadline for registration of POS operators

The Corporate Affairs Commission (CAC) and financial technology companies (fintechs) have agreed to a two-month timeline to register their merchants, and agent bankers — better known as PoS operators.

The commission, issuing a deadline of July 7, said the registration aligns with legal requirements and the directives of the Central Bank of Nigeria (CBN).

The agreement was reached when Hussaini Magaji, registrar-general of the CAC, met with some fintech companies in Abuja on Monday.

The meeting had the representatives of Opay, Monba, PalmPay Ltd, PayStack, FairMoney MFB, Monipoint, and Teasy Pay.

Speaking at the meeting, Magaji said the registration aims to safeguard the businesses of fintechs and customers and strengthen the economy.

He stressed that the action is equally backed by Section 863 (1) of the Companies and Allied Matters Act, (CAMA) 2020, as well as the 2013 CBN guidelines on agent banking.

In a tweet on its official X handle, the CAC quoted Magaji as saying the registration will not, in any way, target any group or person.

“Hussaini Magaji, therefore, said that the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at protecting businesses,” the tweet reads.

“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.”

In his remarks, Tokoni Igoin Peter, special adviser to the president on ICT development and innovation, pledged to ensure a smooth facilitation of the process in line with the ‘Renewed Hope Initiative’ of the present administration.