CAC Extends PoS Registration deadline

CAC Extends PoS Registration deadline

The Corporate Affairs Commission has announced the extension of the mandatory PoS agents, super agents, and sole agents registration  deadline.

The commission moved the deadline from the initial July 7  to September 5, 2024.

The CAC made the announcement via a statement signed by its management and posted on its Facebook page.

According to the statement, the  extension is in consideration of operators in remote areas .

The extension is to give them more time as their registration process may have been affected by bad internet services.

The statement read;

 “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.

“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.”

The statement added that operators who continue to disobey after the new deadline will risk losing their businesses.

Such operators will also face prosecution for assisting criminal activities.

Two months ago, the CAC announced a mandatory registration of PoS agents of major fintechs in Nigeria.

The fintechs concerned include OPay, Palmpay, and Moniepoint, among others.

According to Hussaini Magaji, Registrar General of the CAC, the aim of the registration is to safeguard the businesses of fintechs and customers and strengthen the economy.

Highlighting the legal standing of the process, he  mentioned that the registration is in alignment with:

•  the legal requirements and the directives of the Central Bank of Nigeria.
• Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 ,as well as
•  the 2013 CBN guidelines on agent banking.

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