The Central Bank Of Nigeria has announced July 7, 2024 as the deadline for Point of Sales operators to complete registration with the Corporate Affairs Corporation.
Chief Executive Officerof CAC, Hussaini Magaji (SAN), disclosed this during a meeting with Fintech operators in Abuja, on Tuesday.
He said the two-month deadline to register their agents, merchants and individuals with the commission, was in line with legal requirements and directive of the Central Bank of Nigeria.
“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” he said.
Magaji emphasised that the action was also backed by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, and the 2013 CBN guidelines on agent banking.
The CAC boss explained that the development was not targeted at any group or individual, but aimed at protecting businesses.
Several speakers from the Fintech industry pledged to collaborate with the commission to ensure hitch-free implementation of the directive.
Some of them, however, stressed the need for adequate and collective sensitisation, to ensure that the exercise achieved the desired results.
The Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, in his remarks, pledged to ensure smooth facilitation of the process, in line with the Renewed Hope Initiative of the present administration.
Representatives of Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay present at the event signed a document to support the initiative.