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PoS operators must register with CAC by July 7 - CBN

Representatives from the Fintech sector committed to working closely with the federal government to facilitate the directive's smooth implementation.

PoS operators have less than two months to comply with CBN's directives. [Getty Images]

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

Magaji emphasised that the two-month window for registering agents, merchants, and individuals with the commission aligns with legal obligations and the instructions of the Central Bank of Nigeria.

“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” a statement titled ‘CAC, PoS OPERATORS AGREE TO TWO-MONTH DEADLINE TO REGISTER THEIR AGENTS AND MERCHANTS TO STRENGTHEN THE FINTECH INDUSTRY ‘issued by the CAC added.

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He emphasised that the move was supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.

Magaji clarified that the registration deadline, set to expire on July 7, 2024, was not intended to single out any specific groups or individuals but to safeguard businesses.

Various representatives from the Fintech sector committed to working closely with the commission to facilitate the smooth implementation of the directive.

However, some highlighted the importance of thorough and widespread awareness campaigns to ensure the initiative’s success.

Tokoni Peter, the President’s Special Adviser on ICT Development and Innovation, vowed to oversee the process seamlessly, aligning with the current administration’s Renewed Hope Initiative.

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Representatives from Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay attended the event and endorsed a document to back the project.

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