The Central Bank of Nigeria (CBN) has set a deadline of 7th July 2024, for P.O.S operators to register with the Corporate Affairs Commission (CAC).

This was announced on Tuesday during a meeting in Abuja between Fintechs and the Registrar-General/Chief Executive Officer of the CAC, Hussaini Magaji (SAN) who emphasized the importance of completing registration for agents, merchants, and individuals with the commission within the two-month timeline.

He stated that this requirement was in accordance with legal obligations and directives from the Central Bank of Nigeria, as outlined in Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, and the 2013 CBN guidelines on agent banking.

Magaji clarified that the registration deadline of 7th July was to protect businesses and not aimed at any specific groups or individuals.
Representatives from Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay were among those present at the event.