THE Federal Government, through the Corporate Affairs Commission (CAC), has issued a two-month registration deadline to Point of Sales (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 (CBN).
The agreement was reached on Monday, May 6, during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja.
According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals across the country.
Speaking at the meeting, Magaji said the measure was aimed at safeguarding the businesses of Fintech’s customers and strengthening the economy, stressing 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.
