CBN Sets July 7 Deadline for PoS Operators’ Registration with CAC

The Corporate Affairs Corporation (CAC) has set a deadline of July 7, 2024, for Point of Sales (PoS) operators to complete their registration, as announced by the Central Bank of Nigeria (CBN).

This decision was made during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja.

The CAC boss emphasized that the registration timeline is in accordance with legal requirements and the directives of the CBN, aiming to protect the businesses of Fintech’s customers and strengthen the economy.

The registration process is not targeted at any specific groups or individuals but is intended to safeguard businesses.

Representatives from various Fintech companies expressed their commitment to collaborate with the commission to ensure a smooth implementation of the directive, highlighting the importance of effective sensitization to achieve the desired results.

The Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, pledged to facilitate the process in line with the Renewed Hope Initiative of the present administration. Representatives from Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay also signed a document to support the project.