CBN’s July 7 deadline for PoS Operators’ registration to protect consumers, businesses ─CAC Registrar-General

*Hussaini Magaji (SAN), Registrar-General/CEO of Nigeria’s Corporate Affairs Commission explains the two-month timeline for the Point of Sales (PoS) operators to register their agents, merchants, and individuals with the Commission, is ‘in line with legal requirements and the directives of the Central Bank of Nigeria’, to protect consumers and businesses in the country’s digital finance ecosystem

Gbenga Kayode | ConsumerConnect

The Corporate Affairs Commission (CAC) has explained that the timeline, which the Central Bank of Nigeria (CBN) issued for the registration of the Point of Sales (PoS) operators is not targeted at any groups or individuals, but aimed at protecting consumers and businesses in the West African country.

ConsumerConnect reports the CBN, the banking sector regulator in the country, in a circular has issued a July 7, 2024, deadline for PoS operators to complete registration with the Corporate Affairs Corporation (CAC).

Banking regulator’s conforms to legal requirements, says CAC Registrar-General

Hussaini Magaji (SAN), Registrar-General/Chief Executive Officer (CEO) of the Corporate Affairs Commission, explained this position during a meeting between Financial Technology firm (FinTechs) and the Commission Tuesday, May 7, in Abuja, FCT.

Hussaini Magaji (SAN), Registrar-General/CEO of CAC with some PoS operators in Abuja

Magaji said the two-month timeline for the PoS operators to register their agents, merchants, and individuals with the commission, was “in line with legal requirements and the directives of the Central Bank of Nigeria.”

The Registrar-General/CERO of the Commission noted in a statement titled, “CAC, PoS Operators Agree To Two-Month Deadline To Register Their Agents And Merchants To Strengthen The Fintech Industry”, that “the measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy

He as well averred that the decision is backed by Section 863, Sub-section 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking in Nigeria.

The timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but aimed at protecting businesses, he stated.

FinTech stakeholders assure seamless implementation of CBN’s directive

Meanwhile, stakeholders in the FinTech industry have pledged to collaborate with the Commission to ensure hitch-free implementation of the CBN directive for registration of PoS operators.

It was gathered that some of them, however, stressed the need for adequate and collective sensitisation in order to ensure that the exercise achieves the desired results.

The representatives of Opay, Momba, Palmpay Limited, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay present at the event, in Abuja, later signed up for a document to support the registration project, report said.

Also in his remarks on the development, Tokoni Peter, Special Adviser to the President on ICT Development and Innovation, also assured of smooth facilitation of the process in line with the ‘Renewed Hope Initiative’ of the current administration in the country.