In a recent meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja, the Corporate Affairs Corporation (CAC) announced a deadline of July 7, 2024, for Point of Sales (PoS) operators to complete their registration process.
During the gathering, Magaji stressed that the two-month timeframe allocated for registering agents, merchants, and individuals with the commission is in accordance with legal requirements and directives from the Central Bank of Nigeria (CBN). The initiative, titled ‘CAC, PoS OPERATORS AGREE TO TWO-MONTH DEADLINE TO REGISTER THEIR AGENTS AND MERCHANTS TO STRENGTHEN THE FINTECH INDUSTRY,’ aims to enhance customer businesses and stimulate economic growth.
In accordance with the CAC statement, Magaji emphasized that the initiative is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, and the 2013 CBN guidelines on agent banking. The CAC statement further indicates that the registration deadline, which concludes on July 7, 2024, aims to protect businesses without singling out specific groups or individuals.
Moreover, several speakers from the Fintech sector pledged to collaborate with the commission to ensure the seamless execution of the directive. Emphasizing the need for thorough sensitization, they stressed the importance of collective efforts to achieve the desired objectives.
Tokoni Peter, the Special Adviser to the President on ICT Development and Innovation, affirmed his commitment to facilitating the process in alignment with the Renewed Hope Initiative of the current administration. Representatives from Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay, who attended the event, endorsed a document supporting the project.
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