The Corporate Affairs Commission (CAC), has directed all Point of Sales (PoS) companies in the country to register their agents, merchants and individuals with the commission within two months.
The CAC says the decision is in line with legal requirements and the directives of the Central Bank of Nigeria (CBN).
The agreement is said to have been reached on Monday in the course of a meeting between financial technology companies (fintechs) and Hussaini Ishaq Magaji, the Registrar-General of the CAC, in Abuja.
The Nigeria Inter-Bank Settlement System says there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide.
Magaji said at the meeting, that the measure aims to safeguard the businesses of Fintech’s customers and strengthen the economy.
Magaji said the decision is enshrined in Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 and the 2013 CBN guidelines on agent banking.
He further said the timeline for the registration, which will expire on July 7, 2024, was aimed at providing protection for businesses.
The commission said in a statement, that: “The Corporate Affairs Commission and fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC, in line with legal requirements and the directives of the Central Bank of Nigeria.
“The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja.”
