CAC gives PoS operators 2 months to register agents

The Corporate Affairs Commission (CAC) has given Nigeria’s 1.9 million PoS agents a deadline of two months to onboard and register its agents and merchants with the commission as part of plans to improve transparency and reduce fraud in the financial space.

Daily Trust reports that CAC announcement is coming on the heels of the CBN directives to Fintechs like Moniepoint, OPay, and PalmPay to cease the onboarding of new members. 

The Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji, SAN, gave the directive when he met with some fintech companies, in Abuja yesterday where the agreement was reached.

Magaji said the measure aims at safeguarding the businesses of fintech customers and strengthening the economy

Magaji stated that the move complies with “Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 Central Bank of Nigeria’s guidelines on agent banking.”

Tokoni Peter, the Special Adviser to President Bola Tinubu on ICT Development and Innovation, “Pledged to ensure the smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.”

Present at the meeting were representatives of fintech companies, including Opay, Momba, Palm Pay, Moniepoint, Paystack, among others.