The Corporate Affairs Commission (CAC) has issued a directive to Point of Sale (PoS) operators nationwide, requiring them to register their agents, merchants and individuals within the next two months.
This was contained in a statement posted on the commission’s official X account on Monday, May 6, 2024.
DAILY INSIDER reports that the registration must be completed by July 7, 2024, as announced by the Registrar-General/Chief Executive Officer of CAC, Hussaini Magaji, SAN, following a meeting with fintech companies, also known as PoS.
Magaji explained that this measure aims to safeguard the businesses of fintech customers and strengthen the economy.
According to Magaji, this move is in compliance with “Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, as well as the 2013 Central Bank of Nigeria’s guidelines on agent banking.”
The post partly read, “Hussaini Magaji, therefore, said that 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.
“Several speakers from the fintech industry pledged to collaborate with the Commission to ensure hitch-free implementation of the directive.
IGP Orders Nationwide Ban on POS Machines in Police Stations, Gives Reasons
Meanwhile, DAILY INSIDER reported earlier that the Inspector-General of Police, Kayode Egbetokun, ordered a nationwide ban on the use of Point-of-Sale (POS) machines and other mobile money devices in police stations and other police facilities.
This decision comes amid concerns over potential illicit transactions and collusion between POS operators and certain police personnel.
This was disclosed in a statement issued by the Force Public Relations Officer, Olumuyiwa Adejobi, who noted that the ban aims to uphold the security and integrity of police operations.