CAC Extends the Registration Deadline for POS Operators
CAC Extends the Registration Deadline for POS Operators

CAC Extends the Registration Deadline for POS Operators

CAC Extends the Registration Deadline for POS Operators

The Corporate Affairs Commission (CAC) has extended the registration deadline for Point of Sales (POS) operators to September 5.

The CAC announced the extension on Saturday in a statement signed by its management.

The commission said the initial deadline of July 7 has been extended to September 5 — a 60-day extension for the registration of sole agents, super agents, and agents.

The agency said the decision aims to provide sufficient time for operators to complete their registration.

The CAC said operators who fail to register by the end of the new deadline risk losing their businesses and facing prosecution for aiding and abetting criminal activities.

On May 6, CAC and Financial Technology (Fintechs) companies agreed to a two-month timeline to register their agents and merchants.

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Two months ago, the CAC announced that POS agents of major fintechs in Nigeria including OPay, Palmpay, and Moniepoint, among others, have been given a deadline of July 7, 2024, to register their business.

The Registrar-General of the CAC, Hussaini Magaji, who announced this said this was the agreement with the POS operators after a meeting in Abuja.

According to him, the registrations also align with the legal requirements and the directives of the Central Bank of Nigeria.

He added 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.

He said the registration is aimed at safeguarding the businesses of fintechs and customers and strengthening the economy.

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