By Milcah Tanimu

The Corporate Affairs Commission (CAC) has issued a directive requiring all Point of Sale (PoS) operators in the country to register their agents and merchants within a specified timeframe. They must complete registration by July 7, 2024, or face potential sanctions. This directive follows a meeting between the Registrar-General/CEO of CAC, Hussaini Magaji, SAN, and representatives from fintech companies, also known as PoS operators, held on Monday in Abuja. Magaji emphasized that this measure aims to safeguard the interests of fintech customers and strengthen the nation’s economy. The initiative aligns with relevant laws and guidelines, including Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, and the 2013 guidelines on agent banking issued by the Central Bank of Nigeria (CBN). The registration deadline is intended to ensure compliance and protect businesses, with Magaji emphasizing that it is not aimed at specific groups or individuals. The commission conveyed this directive via its official Twitter handle, @cacnigeria1. Magaji stressed the importance of collaboration between fintech industry stakeholders and the Commission for a smooth implementation process, with an emphasis on comprehensive awareness campaigns.