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CAC extends PoS agents’ registration deadline to September

THE Corporate Affairs Commission (CAC) has extended the registration of Point of Sales (PoS) operators till September 5, 2024.

The Central Bank of Nigeria (CBN) had in April mandated PoS agents to register their businesses with the CAC to aid financial security checks.

In a statement on Saturday, July 6 signed by its management, CAC said it has extended the deadline till September to allow all PoS operators enough time to register.

It said the extension provides the PoS merchants 60 days more to comply with the apex bank’s order.

“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline July 7, 2024 given for the registration of sole agents, super agents and agents has been extended for sixty days beginning from July 7, 2024 to  September 5, 2024.

“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses,” CAC stated.

The commission added that PoS agents who failed to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities.



The ICIR reports that on April 30 this year, the CBN issued a memo directing all non-individuals on the agent banking authorisation, to immediately take steps to register their businesses with the CAC in line with section 863 of the Companies and Allied Matters Act (CAMA) 2020.

Section 863(1) states: “A person or association of persons shall not carry on business in Nigeria as a company, limited liability partnership, limited  partnership or under a business name without being registered under this Act.




     

     

    “(2)  If an individual, corporation or association of persons required under this Act to be registered carries on business without registration or under a name registration of which has been refused or cancelled under this Act, the individual, corporation or every partner in the firm commits an offence and is liable on conviction to a fine prescribed in the commission’s regulations from time to time, of  N200.00 for every day during which the default continues, and the court shall order a statement of the required particulars for the registration of the business to be furnished to the commission for registration within such time as may be specified in the order.”

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    The Registrar-General and Chief Executive Officer of CAC, Hussaini Magaji, had enjoined the banks to ensure maximum compliance with the requirements of the law to ensure economic growth, The ICIR reported.

    It noted that a fraud report by the Nigeria Inter-Bank Settlement System revealed that PoS terminals accounted for 26.37 per cent of fraud incidents in 2023.

    According to the CAC boss, the mandatory registration of PoS operators nationwide will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims.

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