CAC, POS Operators Agree to Two-Month Deadline to Register Their Agents & Merchants

The Corporate Affairs Commission (CAC) 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/CEO CAC, Hussaini Ishaq Magaji, SAN, in Abuja.

Speaking at the event, the CAC boss said the measure aims 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 therefore said 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.

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 sensitization to ensure that the exercise achieved the desired results.

Tokoni Igoin Peter, SA, to the President on ICT development and innovation, in his remarks, pledged to ensure 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 up for a document to support the project.

CAC News reports that a Nigerian newspaper, National Economy, today reported on its front page that Nigeria recorded N1.9bn in PoS fraud in one year.

It added that PoS fraud cases have been on the rise, with over 10,000 re-ported cases in the span of just one year.

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