The Central Bank of Nigeria (CBN) has issued a deadline of July 7, 2024, for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Commission (CAC).
This directive was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer of CAC, Hussaini Magaji (SAN), in Abuja on Tuesday.
According to Magaji, the two-month timeline is “in line with legal requirements and the directives of the Central Bank of Nigeria” and aims to safeguard the businesses of Fintech customers and strengthen the economy. The registration is backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.
Fintech industry representatives pledged to collaborate with the commission to ensure a hitch-free implementation of the directive. However, they emphasized the need for adequate sensitization to achieve the desired results. The Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, also pledged to ensure smooth facilitation of the process.
Several PoS operators, including Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay, signed up to support the project.
Okay.ng learnt that the registration deadline is aimed at protecting businesses and strengthening the Fintech industry, and not targeted at any specific groups or individuals.
