CBN GIVES JULY 7 AS ULTIMATUM FOR POS OPERATORS’ REGISTRATION WITH CAC
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Point-of-sale operators have seven days left to finish registering with the Corporate Affairs Corporation (CAC), according to a directive from the Central Bank of Nigeria (CBN).
This was disclosed on Tuesday in Abuja during a meeting between Fintechs and Hussaini Magaji (SAN), the Registrar-General and Chief Executive Officer of the CAC.
During the function, the head of the CAC declared that the two-month period for registering agents, merchants, and people with the commission was “in line with legal requirements and the directives of the Central Bank of Nigeria.”.
“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” a statement titled ‘CAC, PoS OPERATORS AGREE TO TWO-MONTH DEADLINE TO REGISTER THEIR AGENTS AND MERCHANTS TO STRENGTHEN THE FINTECH INDUSTRY‘ issued by the CAC added.
He emphasised further that the 2013 CBN instructions on agent banking and Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, supported the move equally.
Magaji went on to say that the registration deadline, which is July 7, 2024, was really intended to safeguard businesses rather than target any one group or person.
A number of fintech industry speakers committed to working with the commission to make sure the directive is implemented without a hitch.
However, a few of them emphasised the necessity of sufficient group sensitization to guarantee that the exercise produced the intended outcomes.
Tokoni Peter, Special Advisor to the President on ICT Development and Innovation, promised in his speech to make sure the process is smoothly facilitated in accordance with the current administration’s Renewed Hope Initiative.
Following the event, the attendees from Opay, Momba, Palmpay Ltd., Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay signed a document endorsing the project.
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