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Monday, July 15, 2024

CAC Extends PoS Operators’ Registration Deadline to September 5, 2024

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The Corporate Affairs Commission (CAC) has given more time to Point of Sale (PoS) operators in Nigeria to register their businesses. The new deadline is now September 5, 2024, instead of the earlier date of July 7.

The CAC shared this update in a recent announcement. They said that operators now have an extra 60 days to complete their registration.

The CAC also warned that any PoS operator who does not register by the new deadline could face legal action and might lose their business.

What the CAC Said

In their statement, the CAC explained:

“The Corporate Affairs Commission wishes to notify Fintech Operators, also known as Point of Sales (PoS) Operators, that the initial deadline of July 7, 2024, for the registration of sole Agents, Super Agents, and Agents has been extended to September 5, 2024. This is to give enough time to Operators, especially those in remote areas, who might have faced network problems. Operators who do not register by the new deadline risk losing their businesses and could also face prosecution for aiding criminal activities.”

Registration Challenges

Since the deadline was first announced in May, some PoS operators have faced issues registering on the CAC’s website. This made the Governor of Lagos State, Mr. Babajide Sanwo-Olu, ask the CAC to make the registration process easier. The governor, represented by his Deputy, Dr. Obafemi Hamzat, suggested that the CAC could use a method like the state tax card. This card helps manage infrastructure needs without making it hard for businesses.

The Lagos State government has shown interest in working with the CAC to make business registration smoother. They also want to help change the idea that registering with the CAC is difficult.

The Background

Earlier in May, the CAC announced that PoS agents of big fintech companies in Nigeria, like OPay, Palmpay, and Moniepoint, must register their business by July 7, 2024. The Registrar-General of the CAC, Hussaini Magaji, said this decision came after a meeting with the PoS operators in Abuja. He explained that the registration meets the legal rules set by the Central Bank of Nigeria (CBN).

The Registrar-General pointed out that this action is backed by the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on agent banking. He said that registering the businesses will help protect both fintech companies and their customers and also strengthen the economy.

However, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) criticized the required registration. They said it seems like the government is trying to collect more taxes from Nigerians to make money for itself.

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