The Central Bank of Nigeria (CBN) has issued a directive for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC) by July 7, 2024.

This announcement came during a significant meeting between Fintech representatives and the Registrar-General/Chief Executive Officer (CAC), Hussaini Magaji (SAN), held in Abuja on Tuesday.

During the meeting, Magaji emphasized the urgency of complying with the two-month timeline, stating that it was in accordance with legal requirements and directives from the CBN. He cited Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, along with the 2013 CBN guidelines on agent banking, as the basis for this action.

Magaji clarified that the registration deadline, set to expire on July 7, 2024, was not targeted at specific groups or individuals but was intended to safeguard businesses. He stressed the importance of this measure in protecting the integrity and stability of the financial sector.

In response to concerns raised during the meeting, the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, assured stakeholders of the government’s commitment to facilitating a smooth registration process. He affirmed that the initiative aligns with the Renewed Hope Initiative of the current administration, which aims to foster growth and innovation in various sectors of the economy.

The registration process involves registering agents, merchants, and individuals associated with PoS operations with the CAC.

Fintech companies and PoS operators are urged to expedite the registration process to avoid any disruptions to their operations. Failure to comply with the CBN’s directive may result in penalties or other regulatory actions.