CBN Directs POS Owners to Register with CAC

The Central Bank of Nigeria (CBN) has issued a directive requiring all Point-of-Sale (POS) operators in the country to formalize their business registration with the Corporate Affairs Commission (CAC) within a two-month period.

CBN’s instruction was conveyed following a meeting between Fintech stakeholders and the CAC’s Registrar-General/Chief Executive Officer, Hussaini Magaji (SAN), in Abuja on Monday, May 7, 2024.

According to Magaji, the July 7 deadline for registration is not intended to target specific individuals or groups but rather is a legal requirement and a directive from the CBN.

The move, he stated, aims to ensure that all POS operators comply with the necessary regulatory requirements and formalize their business operations.

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Magaji said:

“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 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.”