Nigerian Government orders all POS operators to register with CAC before July 7

The Nigerian government has ordered all point-of-sale operators in the country to register their businesses with the Corporate Affairs Commission in two months, which aligns with the Central Bank of Nigeria’s requirements.

According to a recent statement from CAC, the decision was reached on Monday after a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja.

The Commission said the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.

Magaji said the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at protecting businesses.

“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,” the statement reads.

According to the Nigeria Inter-Bank Settlement System, merchants and individuals nationwide deploy over 1.9 million PoS terminals.

The development comes amid the surge in fraud in Nigeria’s financial industry.

A recent report by NIBSS said fraud in the financial sector increased by 496.96 per cent from 2019 to 2023 amid the rise of electronic payments.

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