The Federal Government has ordered all Point of Sales operators (POS) in the country to officially register within 2 months, with a deadline of July 7th, 2024.
This directive was delivered through the Corporate Affairs Commission, during a meeting with the Registrar-General Hussaini Magaji, SAN, and some fintech companies, also known as PoS, on Monday in Abuja.
The agreement reached at the meeting entailed the PoS companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.
According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide.
Speaking at the meeting, 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.
A statement by the commission reads,
“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 move is also necessitated by the Federal Government’s moves to tackle fraud and comes days after the government ordered some banks such as Opay, Palmpay and others to refrain from onboarding new customers for the same reason.
