CBN Sets Deadline For POS Operators To Register With CAC

Posted by Nwa Diokpa Business News, Featured, Latest Headlines Tuesday, May 7th, 2024

(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has set July 7, 2024, as the deadline for Point of Sales (PoS) operators to finish their registration with the Corporate Affairs Corporation (CAC).

This directive was issued in a meeting in Abuja between Fintechs and the Registrar-General/Chief Executive Officer (CAC), Hussaini Magaji (SAN).

Magaji stated that the two-month window for registering agents, merchants, and individuals with the commission is in line with legal obligations and the instructions of the Central Bank of Nigeria.

“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” a statement titled ‘CAC, PoS OPERATORS AGREE TO TWO-MONTH DEADLINE TO REGISTER THEIR AGENTS AND MERCHANTS TO STRENGTHEN THE FINTECH INDUSTRY ‘issued by the CAC added.

According to him, the move was supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2023 CBN guidelines on agent banking.

Magaji further stated that the registration deadline, set to expire on July 7, 2024, was not because of any specific groups or individuals but to safeguard businesses.