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CBN Gives PoS Operators July 7 Ultimatum To Register With CAC | NEWS RANGERS

CBN Gives PoS Operators July 7 Ultimatum To Register With CAC

LAGOS MAY 7TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has set a deadline of July 7, 2024, for Point of Sales (PoS) operators to complete their registration with the Corporate Affairs Commission (CAC).

The directive followed discussions held in Abuja between fintech representatives and Chief Executive Officer (CAC), Hussaini Magaji on Tuesday.

During the meeting, the CAC boss emphasized the necessity of adhering to legal requirements and CBN directives, urging PoS operators to register their agents, merchants, and individuals within the two-month timeframe specified by the commission.

Magaji explained that the deadline set to expire on July 7, 2024, is not targeted at specific groups or individuals but is designed to protect businesses in general.

He cited Section 863 (1) of the Companies and Allied Matters Act (CAMA), 2020, along with the 2013 CBN guidelines on agent banking, as backing for this action.

Representatives from various Fintech companies present at the event pledged to collaborate with the commission to ensure the smooth implementation of the directive.

While some stressed the importance of thorough sensitization efforts to achieve desired outcomes, others, such as the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, affirmed their commitment to facilitating the process in line with the administration’s Renewed Hope Initiative.

Subsequently, representatives of some of the fintech companies that attended the event signed a document expressing their support for the project.

Radio Nigeria

 

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