The Central Bank of Nigeria (CBN) has announced a July 7, 2024, deadline for Point of Sale (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC), as revealed during a pivotal meeting in Abuja on Tuesday.
During the gathering, Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) emphasized the urgency of the two-month timeline, stating it aligns “with legal requirements and the directives of the Central Bank of Nigeria.”
Magaji underscored the measure’s dual purpose of safeguarding Fintech customers’ businesses and bolstering the economy, citing Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, and the 2013 CBN guidelines on agent banking as legal frameworks supporting the action.
The deadline, expiring on July 7, 2024, is designed to protect businesses without targeting any specific groups or individuals, Magaji clarified.
In response, representatives from various Fintech companies pledged collaboration with the commission to ensure the seamless execution of the directive. While endorsing the initiative, some stressed the importance of robust sensitization efforts to maximize its impact.
Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, assured the facilitation of a smooth process in line with the administration’s Renewed Hope Initiative.
Notable Fintech firms including Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay demonstrated their commitment by signing a document in support of the project.
This move signals a concerted effort to strengthen regulatory compliance within the Fintech industry, safeguarding consumer interests and fostering economic resilience.