The Central Bank of Nigeria (CBN) has set a deadline of July 7, 2024, for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC), with the aim of safeguarding the businesses of Fintech’s customers and strengthening the economy.
This directive, announced during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja, stated the importance of compliance with legal requirements and CBN directives.
He said that 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.
Magaji also noted that the move is supported by relevant legal provisions, including Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.
Several speakers from the Fintech industry pledged to collaborate with the commission to ensure hitch-free implementation of the directive.”
Representatives from various Fintech companies, including Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay, have committed to supporting this initiative.
Efforts for collective sensitization and cooperation are underway to ensure a seamless registration process and compliance with the CBN directive.
0
0
