CAC intensifies effort to strengthen Fintech industry in Nigeria

To legalise and strengthen the Fintech industry in Nigeria, the Corporate Affairs Commission (CAC) and POS operators have agreed to a two-month timeline to register their agents, merchants, and individuals with the Commission. This is in line with CAC legal requirements and the directives of the Central Bank of Nigeria.

Speaking in Abuja at the meeting between Fintechs, the Registrar-General of CAC, Hussaini Ishaq Magaji, said the measure is targeted at safeguarding the businesses of Fintech’s customers and strengthening the economy.

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

Hussaini Magaji stated 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 providing protection for businesses.

Speaking on behalf of the fintech industry, many industry players pledged to collaborate with the CAC to ensure the hitch-free implementation of the directive.

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According to a statement by the Commission, some operators, however, stressed the need for adequate and collective sensitization to ensure that the exercise achieves the desired results.

Also at the meeting, the Special Assistant (SA) to the President on ICT Development and Innovation, Tokoni Igoin, in his remarks, pledged to ensure the smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.

The representatives of OPAY, MOMBA, PALMPAYLTD, PAYSTACK, FAIRMONEY MFB, MONIEPOINT, and TEASY PAY present at the event later signed a document to support the project.