By Ologeh Joseph Chibu
The Central Bank of Nigeria (CBN) has issued a directive mandating all Point-of-Sale (PoS) operators across the country to register their businesses with the Corporate Affairs Commission (CAC) within a two-month timeframe.
The decision emerged following a collaborative meeting between Fintech representatives and the Registrar-General/Chief Executive Officer of the CAC, Hussaini Magaji (SAN), held in Abuja on Monday, May 7, 2024.
Emphasizing the non-discriminatory nature of the directive, Magaji clarified that the two-month registration window, ending on July 7, is in alignment with legal obligations and in adherence to directives from the Central Bank of Nigeria.
According to a statement released following the meeting:
“The Corporate Affairs Commission and Fintech companies in Nigeria, commonly referred to as PoS operators, have mutually agreed upon a two-month timeline for the registration of their agents, merchants, and individuals with the CAC, in accordance with legal requirements and the directives of the Central Bank of Nigeria.”
The statement further reiterated:
“The agreement was formalized during today’s session between Fintech representatives and the Registrar-General of the CAC, Hussaini Ishaq Magaji, in Abuja.”
