Corporate Affairs Commission directs POS operators to register businesses

The Corporate Affairs Commission (CAC) mandated all Point of Sales (PoS) agents of major financial technology companies in Nigeria to register their businesses, an action supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, as well as the 2013 CBN guidelines on agent banking.

Penpushing reports that the Registrar-General of the commission, Hussaini Magaji made this known in a statement explaining that it was agreed upon with the Point of Sales (PoS) operators during a meeting in Abuja.

The Registrar-General emphasised that the registration process aligns with both legal requirements and the directives of the Central Bank of Nigeria (CBN),clarifying that the registration timeline was not intended to target specific groups or individuals but was genuinely aimed at safeguarding businesses.

‘Hussaini Magaji, therefore, said that the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at providing protection for businesses’, he said.

Penpushing further reports that the statement said the Special Adviser to President Bola Tinubu on Information Communication Technology (ICT) development and innovation Tokoni Peter expressed willingness to facilitate the process smoothly in alignment with the Renewed Hope Initiative of the current administration.

Meanwhile, the statement made available in the same vein highlighted that several speakers from the fintech industry vowed to cooperate with the commission to ensure the directive’s seamless implementation.

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