The Corporate Affairs Commission has reminded Point of Sale (PoS) operators across the country that the deadline for business registration, initially announced on the 7th of July 2024, expired on Thursday the 5th of September
In a statement released on Friday, the CAC expressed concerns over inadequate compliance with the directive, despite the large number of PoS operators in the country.
However, it commended operators who have taken steps to formalize their businesses, praising their “positive attitudes” towards compliance.
The CAC revealed that it is working in collaboration with law enforcement agencies and other relevant stakeholders to implement a comprehensive enforcement and sanction framework.
According to the commission, the measures may include the shutdown of non-compliant businesses and other severe legal consequences.
Recall that the Federal Government, through the Corporate Affairs Commission, had previously set a two-month deadline for POS operators to register their agents, merchants, and individuals with the commission in compliance with legal requirements and directives of the Central Bank of Nigeria.
This directive was issued in response to a rise in fraudulent activities involving POS terminals and CBN’s plans to prohibit trading in crypto-currencies among other schemes