The Federal Government (FG), through the Corporate Affairs Commission, has ordered all Point-of-Sale companies to register their agents and merchants with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.
The Commission has set a two-month deadline for point-of-sale operators in the country for registration, latest by July 7, 2024.
The Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji, SAN, met with some fintech companies on Monday in Abuja, during which the agreement was reached.
Magaji, through his X account said that the measure aims at safeguarding the businesses of fintech customers and strengthening the economy.
Magaji stated that the move complies with “Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 Central Bank of Nigeria’s guidelines on agent banking.”
The tweet partly read, “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 protecting businesses.
READ ALSO: Reverse 0.5% Cybersecurity Levy or Face Legal Action- SERAP Issues 48-Hour Ultimatum to FG
“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 sensitization to ensure that the exercise achieved the desired results.”
Tokoni Peter, the Special Adviser to Bola Tinubu on ICT Development and Innovation, pledged to ensure the smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.
Present at the meeting were representatives of fintech companies, including Opay, Momba, Palm Pay, Moniepoint, Paystack, among others.
