CAC says POS Operators Must Register Before July 7

Date:

May 8, 2024.

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Azonuchechi Chukwu.

The Corporate Affairs Commission (CAC) have asked  Point of Sales (PoS) agents of major fintechs in Nigeria including Opay, Palmpay, Moniepoint, among others to register their businesses before July 7.

The Registrar-General of the CAC, Hussaini Magaji, who disclosed this in a statement issued by the Commission, said this was the agreement with the PoS operators after a meeting in Abuja on Monday.

According to him, the registrations is also in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN).

Magaji said that the timeline for the registration was not targeted at any groups or individuals but genuinely aimed at protecting businesses.

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.

According to the statement, Special Adviser to President Bola Tinubu on ICT development and innovation, Tokoni Igoin Peter, in his remarks at the meeting, pledged to ensure smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.

“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,” the CAC said in its statement.

CAC disclosed that fintechs represented at the meeting include Opay, Momba; Palmpay Ltd.; Paystack, Fairmoney Micro Finance Bank; Moniepoint, and Teasy Pay. It added that the highlight of the event was the signing of a document by the representatives to support the project.

The need to get the PoS agents registered is one of the moves by the regulators to tackle the issue of fraud through PoS.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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