Abuja- The Corporate Affairs Commission (CAC) has announced a 60-day extension to the registration deadline for Point of Sale (POS) operators across Nigeria.
Originally set for July 7, 2024, the new deadline is now September 5, 2024, allowing operators additional time to comply with regulatory requirements.
The decision to extend the deadline was prompted by challenges faced by operators, particularly those in remote areas, who encountered difficulties with network connectivity while attempting to register online.
In response to these concerns, the Registrar-General of the CAC, Hussaini Magaji, emphasized the importance of ensuring all operators have the opportunity to complete their registrations without undue obstacles.
“This extension aims to accommodate operators who faced technical issues during the initial registration period. It is essential that all POS operators comply with regulatory standards to avoid disruption to their businesses and to uphold legal and financial integrity,” stated Magaji.
The registration requirement, enforced under Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s (CBN) 2013 guidelines on agent banking, aims to streamline operations within the fintech sector and enhance transparency.
The initial deadline of July 7, 2024, was met with mixed reactions from stakeholders, with some operators expressing difficulties navigating the CAC’s online registration portal. These concerns were echoed by Lagos State Governor, Mr. Babajide Sanwo-Olu, who advocated for a simplified registration process during discussions with CAC officials.
“The state government recognizes the importance of seamless registration processes for businesses. We are committed to supporting initiatives that facilitate compliance while ensuring operational efficiency,” remarked Governor Sanwo-Olu during a recent meeting with CAC representatives in Lagos.
Operators who fail to register by the extended deadline risk losing their operational licenses and may face legal repercussions. The CAC has urged all affected operators to utilize the additional time effectively and complete their registrations promptly to avoid disruptions to their businesses.
For further information and support regarding the registration process, POS operators are encouraged to reach out to the Media Consultant and founder, Uptown Press NG @ uptownpress.com.ng or call, 09028313757.
