The Central Bank of Nigeria (CBN) has mandated that all point-of-sale (POS) operators across the country must complete registration with the Corporate Affairs Commission (CAC) within a two-month period.
This directive emerged following a meeting held in Abuja on Monday, May 7, between Fintech representatives and the Registrar-General/Chief Executive Officer of the CAC, Hussaini Magaji (SAN).
During the meeting, it was clarified that the deadline for registration, ending on July 7, is not aimed at singling out specific groups or individuals but is rather in accordance with legal obligations and directives from the Central Bank of Nigeria.
According to the statement issued after the meeting, “The Corporate Affairs Commission and Fintech companies in Nigeria, commonly referred to as PoS operators, have agreed to a two-month timeline for registering their agents, merchants, and individuals with the CAC in compliance with legal requirements and the directives of the Central Bank of Nigeria.”
This decision was formalized during the gathering held between Fintech representatives and the Registrar-General of the CAC, Hussaini Ishaq Magaji, in Abuja.
