CAC Extends POS Registration Deadline to September 5

The Corporate Affairs Commission (CAC) has approved the extension of the mandatory registration deadline for Point of Sales (POS) agents, super agents, and sole agents to September 5, 2024.

This decision was announced in a statement posted on the commission’s Facebook page on Saturday.

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The extension is intended to provide sufficient time for operators, especially those in remote areas, to complete their registration.

According to the statement, “The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents, and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024.”

The statement continued, “This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.”

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The commission warned that operators who fail to register by the end of the extended deadline will risk losing their businesses and facing prosecution for aiding and abetting criminal activities. “Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities.”

This development comes two months after the CAC announced that POS agents of major fintechs in Nigeria, including OPay, Palmpay, and Moniepoint, among others, were given a deadline of July 7, 2024, to register their businesses.