NEWS

CORPORATE AFFAIRS COMMISSION (CAC) SET DEADLINE FOR REGISTRATION OF POS OPERATORS 


The Corporate Affairs Commission has mandated  Point of Sale Operators in the Nigeria to register their agents, merchants and individuals, latest by July 7, 2024.

The Registrar-General/Chief Executive Officer, CAC, Hussaini  Magaji, SAN, made this known to some fintech companies, otherwise known as PoS, in a meeting on Monday in Abuja.

Magaji said the measure seek to safeguarding the businesses of fintech customers and strengthen the economy.

He stated that the position is in compliance with “Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 Central Bank of Nigeria’s guidelines on Agent Banking.”

Magaji said "If an accident happens and they report it to CAC, if we do not have the operator's details, we cannot respond and that is the essence of the registration. 

"The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents."


In a post on the Commission's X handle, formerly Twitter, the Commission stated that “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.”

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