CBN has given PoS operators two months to register their businesses

PROLIFIC NEWS

CBN gives 1.9 million PoS Operators in Nigeria a two-month deadline to complete their registration with the Corporate Affairs Commission (CAC).

The Central Bank of Nigeria has given PoS operators two months to register their businesses with the Corporate Affairs Commission. Failure to comply within this 60-day timeframe will result in unspecified consequences.

During a meeting held in Abuja on Monday, fintech companies and the Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, successfully reached an agreement.

During a meeting held in Abuja on Monday, fintech companies and the Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, successfully reached an agreement.

Nigeria has over 1.9 million PoS terminals in operation, installed by merchants and individuals.

The head of CAC, speaking at a meeting, stated that this move aims to protect the interests of customers using Fintech services and boost the national economy.

The head of the Corporate Affairs Commission (CAC) emphasized that the registration process is supported by Section 863 Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) guidelines on agent banking from 2013.

The registration deadline of July 7, 2024, is not intended to target specific entities or individuals. Instead, it aims to safeguard businesses through proper registration.