The Central Bank of Nigeria (CBN) has set a deadline for Point of Sale businesses to finish their registration with the Corporate Affairs Corporation (CAC) in the midst of attempts to track monetary movement in circulation.
This was disclosed on Tuesday in Abuja during a meeting between Fintechs and Hussaini Magaji (SAN), the Registrar-General and Chief Executive Officer of the CAC.
Declaring during the function that the two-month period for registering agents, merchants, and persons with the commission was “in line with legal requirements and the directives of the Central Bank of Nigeria,” the head of the CAC added.
“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” a statement titled ‘CAC, PoS OPERATORS AGREE TO TWO-MONTH DEADLINE TO REGISTER THEIR AGENTS AND MERCHANTS TO STRENGTHEN THE FINTECH INDUSTRY‘ issued by the CAC added.
He further stressed 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.
Magaji explained further 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 protecting businesses. Several speakers from the fintech industry pledged to collaborate with the commission, to ensure hitch-free implementation of the directive. Some of them, however, stressed the need for adequate and collective sensitisation, to ensure that the exercise achieved the desired results.
Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, in his remarks, pledged to ensure smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.
The representatives of Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point and Teasy Pay present at the event, later signed up for a document to support the project.
