The Central Bank of Nigeria (CBN) has mandated all Point-of-Sale (PoS) operators across the country to register their businesses with the Corporate Affairs Commission (CAC) within two months.
This directive emerged following a meeting between Fintech representatives and the Registrar-General/Chief Executive Officer of the CAC, Hussaini Magaji (SAN), held in Abuja on Monday, May 7.
According to Magaji, the registration deadline, set to expire on July 7, is not aimed at targeting specific groups or individuals but is instead aligned with legal stipulations and the directives of the Central Bank of Nigeria.
In a statement, Magaji stated, “The Corporate Affairs Commission and Fintech companies in Nigeria, commonly referred to as PoS operators, have agreed to a two-month timeline for the registration of their agents, merchants, and individuals with the CAC in compliance with legal requirements and the directives of the Central Bank of Nigeria.”
He further added that this agreement was reached during the meeting between Fintech stakeholders and the Registrar-General, CAC, held in Abuja.