Business

Nigerian govt orders all PoS operators to register with CAC, reveals deadline

In compliance with the directives of the Central Bank of Nigeria, the Nigerian government has mandated that all point-of-sale operators throughout the nation register their enterprises with the Corporate Affairs Commission within the next two months.

A recent statement from CAC said the decision was made on Monday following a meeting in Abuja between Fintechs and Hussaini Ishaq Magaji, the Registrar-General of CAC.

According to the Commission, the Companies and Allied Matters Act, Subsection 1 of Section 863, CAMA 2020, and the 2013 CBN guidelines on agent banking supported the action in equal measure.

According to Magaji, the registration deadline, which is July 7, 2024, was intended to safeguard businesses rather than to target any particular group or person.

“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,” the statement reads.

According to the Nigeria Inter-Bank Settlement System, businesses and people deploy over 1.9 million PoS terminals nationwide.

This development coincides with an increase in Nigeria’s financial sector fraud.

According to a recent NIBSS analysis, the rise in electronic payments caused fraud in the financial sector to increase by 496.96 percent between 2019 and 2023.

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