Register with CAC before July 7, CBN orders PoS operators

The Central Bank of Nigeria (CBN) has directed all Point-of-Sale (PoS) operators in the country to register their businesses with the Corporate Affairs Commission (CAC) within two months.

This directive was announced after a meeting between Fintech companies and the Registrar-General/Chief Executive Officer of CAC, Hussaini Magaji (SAN), in Abuja on Monday, May 7.

According to Magaji, the two-month timeline, which expires on July 7, is in line with legal requirements and CBN directives.

He emphasised that the registration requirement is not targeted at any specific groups or individuals but rather aims to ensure compliance with regulatory requirements.

During the meeting, the CAC and Fintech companies, also known as PoS operators, agreed to the two-month timeline for registering their agents, merchants, and individuals with the CAC.

“The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.

“The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.

“The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja,” the statement read.

This registration drive aims to bring PoS operators into the formal economy and enhance the overall stability of the financial system.

The CAC and Fintech companies have committed to working together to ensure a seamless registration process and promote a more inclusive and regulated financial sector.