The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC).
This was revealed during a meeting between Fintechs and the
Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja
on Tuesday.
Speaking at the event, the CAC boss said the two-month
timeline to register their agents, merchants, and individuals with the
commission, was “in line with legal requirements and the directives 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.
He stressed that the action was equally backed by Section
863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the
2013 CBN guidelines on agent banking.
Magaji explained that the timeline for the registration
which will expire on July 7, 2024, was not targeted at any groups or
individuals but aimed at protecting 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 sensitisation, to ensure that the exercise achieved the desired
results.
The Special Adviser to the President on ICT Development and
Innovation, Tokoni Peter, 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, Palmpay Ltd, Pay Stack,
Fair Money MFB, Monie Point, and Teasy Pay present at the event, later signed
up for a document to support the project.
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