In a bid to bolster the integrity and security of Nigeria’s financial landscape, the Central Bank of Nigeria (CBN) has mandated Point of Sale (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC) within a two-month timeframe.
This directive emerged from a pivotal meeting held between representatives from the fintech sector and Hussaini Magaji (SAN), the Registrar-General/Chief Executive Officer of the CAC, in Abuja on Tuesday.
Magaji elucidated that the stipulated two-month timeline for the registration of agents, merchants, and individuals with the commission aligns with both legal obligations and the mandates of the apex bank. Emphasizing the imperative to safeguard the interests of fintech customers and fortify the national economy, Magaji underscored the statutory backing for this measure, citing Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, alongside the 2013 CBN guidelines on agent banking.
The deadline for registration, set to expire on July 7, 2024, is portrayed as a proactive step devoid of targeting specific groups or individuals but rather as a concerted effort to shield businesses.
Tokoni Peter, the Special Adviser to the President on ICT Development and Innovation, pledged full support to ensure the seamless facilitation of the registration process, aligning with the administration’s Renewed Hope Initiative.
Representatives from prominent fintech entities such as Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay were present at the event. They affirmed their commitment to the initiative by signing a document in support of the project.
