The Central Bank Of Nigeria (CBN) has set a deadline of July 7, 2024, for Point of Sales (PoS) operators to register with the Corporate Affairs Corporation (CAC).
This announcement came during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday.
According to Magaji, the two-month registration timeline aligns with legal requirements and directives from the Central Bank of Nigeria, aiming to safeguard the businesses of Fintech customers and strengthen the economy.
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The registration initiative is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking, Magaji emphasized. He clarified that the deadline is not targeted at specific groups or individuals but is intended to protect businesses.
Representatives from various Fintech companies pledged to collaborate with the commission to ensure smooth implementation of the directive. They emphasized the importance of collective sensitization to achieve the desired results.
Tokoni Peter, the Special Adviser to the President on ICT Development and Innovation, assured his support for the process in line with the Renewed Hope Initiative of the present administration.
Representatives from Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay attended the event and signed a document to support the project.
