Point of sale providers around the nation have been given a two-month window by the Corporate Affairs Commission to register their agents, merchants, and individuals, with the latest deadline being July 7, 2024.
On Monday in Abuja, the agreement was struck during a meeting between Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji, SAN, and a few fintech companies, commonly known as PoS.
Magaji said that the action is intended to protect fintech clients’ companies and boost the national economy. The commission made its announcement on its X feed, tweeting as @cacnigeria1.
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.
“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 sensitisation to ensure that the exercise achieved the desired results.” [CONTINUE READING HERE]
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