The Corporate Affairs Commission (CAC) has announced plans to take action against Point of Sales (PoS) operators who failed to register their businesses, following the expiration of the September 5 deadline.
The CAC expressed concerns that unregistered PoS businesses may be involved in illegal activities. In a public notice issued on Friday, September 6, the Commission warned that it is collaborating with law enforcement and other relevant stakeholders to impose sanctions, including possible shutdowns and legal consequences, on operators who have not complied with the registration requirement.
The notice stated, “The Corporate Affairs Commission wishes to remind the public, particularly Fintech operators, also known as Point of Sale (POS) operators, that the 60-day deadline, published in daily newspapers on July 7, 2024, for business registration, expired on September 5, 2024.”
The Commission highlighted a significant lack of compliance, given the large number of PoS operators across the country. However, it praised those who had adhered to the directive. “Those who have taken steps to formalize their operations in accordance with the Commission’s directive are commended for their positive attitudes,” the notice added.
The CAC criticized non-compliant operators, suggesting that their refusal to register may indicate involvement in suspicious activities. “Recalcitrant operators have refused to adhere to the advice for formalization, possibly due to unwholesome activities or reasons best known to them.”
It further emphasized, “The Commission is working with law enforcement agencies and other stakeholders to enforce comprehensive sanctions, including potential shutdowns and severe legal consequences.”
Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), representing fintech business owners, has contested the CAC’s directive in court, arguing that mandatory registration is illegal. They continue to challenge the Commission’s stance, maintaining that the registration requirement lacks legal justification.
