CAC Gives Instructions to PoS Operators To Register Business, Sets Deadline

CAC Gives Instructions to PoS Operators To Register Business, Sets Deadline

  • PoS operators in Nigeria has been asked to register their businesses with the Corporate Affairs Commission
  • The deadline for compliance with this regulation for POS operators has been set for the 30th of June, 2024
  • PoS operators are also urged to comply with KYC procedures and anti-money laundering measures

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Corporate Affairs Commission (CAC) has instructed all Point-of-Sale operators in the country to register their businesses in two months.

This was revealed after a meeting between Fintechs and the Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji (SAN) in Abuja on Monday, May 7, 2024.

POS operators in Nigeria
PoS operators to register with CAC Photo credit: Benson Ibeabuchi
Source: Getty Images

The CAC boss said the two-month registration timeline, which will expire on July 7, was not targeted at any groups or individuals but was “in line with legal requirements and the directives of the Central Bank of Nigeria.”

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The statement read:

“The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.
“The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.
“The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja.”

Access, others to debit customers' bank accounts

Legit.ng earlier also reported that the federal government instructed all Nigerian banks to debit customers with domiciliary accounts.

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The debit is for old foreign currency transactions carried out by customers between 2021 and 2023 and will be remitted to the government.

Access Bank, GTB, UBA, Zenith, and other commercial banks have sent messages to customers to expect the debits.

In a notice titled 'Important Notice: Electronic Money Transfer Levy Deductions Begin on Foreign Currency Transactions,' the First Bank of Nigeria announced that deductions would start promptly and be forwarded to the FIRS.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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