The Central Bank of Nigeria (CBN) has issued a directive mandating all Point-of-Sale (PoS) operators across the nation to register their businesses with the Corporate Affairs Commission (CAC) within a two-month period.
This announcement emerged subsequent to a meeting held between Fintech representatives and the Registrar-General/Chief Executive Officer of CAC, Hussaini Magaji (SAN), in Abuja on Monday, May 7.
During the meeting, Magaji clarified that the specified two-month timeframe for registration, set to conclude on July 7, was not specifically aimed at any particular entities or individuals. Rather, it was established “in line with legal requirements and the directives of the Central Bank of Nigeria.”
The official statement released post-meeting underscored the agreement between the Corporate Affairs Commission and fintech entities, commonly referred to as PoS operators, to adhere to the registration timeline. This encompasses the registration of their agents, merchants, and affiliated individuals with the CAC, in alignment with legal protocols and CBN directives.
The agreement was formalised during the aforementioned gathering between Fintech representatives and the Registrar-General of CAC, Hussaini Ishaq Magaji, conducted in the capital city of Abuja.
