CAC extends registration deadline for PoS operators​

The Corporate Affairs Commission (CAC) has announced an extension of the registration deadline for Fintech Operators, specifically Point of Sales (PoS) Operators, from July 7, 2024, to September 5, 2024. This decision provides an additional 60 days for the registration of sole Agents, Super Agents, and Agents.

In a public notice dated July 7, 2024, the CAC highlighted the extension aims to accommodate operators, especially those in remote areas who have faced network challenges during the registration process.

This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.

Corporate Affairs Commission (CAC) in a July 2024 notice

The CAC also issued a stern warning to operators who fail to register within the new deadline.

“Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities,” the notice warned.

This extension is seen as a significant move to ensure all PoS Operators comply with regulatory requirements while addressing the technical difficulties that have hindered timely registration.

The CAC reiterated its commitment to facilitating a smooth registration process for all operators to enhance financial services’ efficiency and security in the country.

Why PoS operators are registering

Earlier in May, the CAC announced a July 7, 2024, registration deadline to PoS agents of major fintechs in Nigeria including OPay, Palmpay, and Moniepoint, among others.

The Registrar-General of the CAC, Hussaini Magaji, who announced this said this was the agreement with the PoS operators after a meeting in Abuja. 

Magaji said the registrations are also in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN). 

He added that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking. 

Subsequently, the CAC commenced an enrollment exercise for PoS agents and operators in Nigeria. The launch event also coincided with the opening of a 24-hour service centre that will help PoS operators get prompt responses and resolutions on issues surrounding their registration.

We have launched a 24-hour service centre to accommodate enquiries from Point of Sales operators and agents who may want to register as directed by the new policy. The secretariat is filled with staff members saddled to approve requests. We have equipped the secretariat with the necessary facilities.

Registrar-General of the CAC, Hussaini Magaji

In response, the National Association of Mobile Money and Bank Agents in Nigeria announced plans to head to the courts to address the legality of the mandatory business registration order issued to its members by the CAC.

President of the association, Fasasi Atanda, faulted the directive and said:

“CBN is right, no issue, the memo is clear, it only applies to non-individuals, unlike the Corporate Affairs Commission who generalised. We are in talks with the lawyer representing the association already, and a league of human rights lawyers whom we are not disclosing who they are for now.

And, in another interview, Atanda again faulted the CBN’s attempt to regulate the mobile money and banking agency space, noting that the CAC cannot regulate an industry that it does not understand.

“What people see as just POS is an industry. An agenda on financial inclusion. Over 300 local governments in Nigeria are without bank branches. And the largest transactions are happening in the informal sector in Nigeria. And this population are excluded. So the POS agents you’re seeing are actually meant to bridge the gap. So the CAC is trying to destroy and attack financial inclusion in Nigeria and it is offending a lot of stakeholders,” he said.

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The Corporate Affairs Commission (CAC) has announced an extension of the registration deadline for Fintech Operators, specifically Point of Sales (PoS) Operators, from July 7, 2024, to September 5, 2024. This decision provides an additional 60 days for the registration of sole Agents, Super Agents, and Agents.

In a public notice dated July 7, 2024, the CAC highlighted the extension aims to accommodate operators, especially those in remote areas who have faced network challenges during the registration process.

This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.

Corporate Affairs Commission (CAC) in a July 2024 notice

The CAC also issued a stern warning to operators who fail to register within the new deadline.

“Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities,” the notice warned.

This extension is seen as a significant move to ensure all PoS Operators comply with regulatory requirements while addressing the technical difficulties that have hindered timely registration.

The CAC reiterated its commitment to facilitating a smooth registration process for all operators to enhance financial services’ efficiency and security in the country.

Why PoS operators are registering

Earlier in May, the CAC announced a July 7, 2024, registration deadline to PoS agents of major fintechs in Nigeria including OPay, Palmpay, and Moniepoint, among others.

The Registrar-General of the CAC, Hussaini Magaji, who announced this said this was the agreement with the PoS operators after a meeting in Abuja. 

Magaji said the registrations are also in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN). 

He added that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking. 

Subsequently, the CAC commenced an enrollment exercise for PoS agents and operators in Nigeria. The launch event also coincided with the opening of a 24-hour service centre that will help PoS operators get prompt responses and resolutions on issues surrounding their registration.

We have launched a 24-hour service centre to accommodate enquiries from Point of Sales operators and agents who may want to register as directed by the new policy. The secretariat is filled with staff members saddled to approve requests. We have equipped the secretariat with the necessary facilities.

Registrar-General of the CAC, Hussaini Magaji

In response, the National Association of Mobile Money and Bank Agents in Nigeria announced plans to head to the courts to address the legality of the mandatory business registration order issued to its members by the CAC.

President of the association, Fasasi Atanda, faulted the directive and said:

“CBN is right, no issue, the memo is clear, it only applies to non-individuals, unlike the Corporate Affairs Commission who generalised. We are in talks with the lawyer representing the association already, and a league of human rights lawyers whom we are not disclosing who they are for now.

And, in another interview, Atanda again faulted the CBN’s attempt to regulate the mobile money and banking agency space, noting that the CAC cannot regulate an industry that it does not understand.

“What people see as just POS is an industry. An agenda on financial inclusion. Over 300 local governments in Nigeria are without bank branches. And the largest transactions are happening in the informal sector in Nigeria. And this population are excluded. So the POS agents you’re seeing are actually meant to bridge the gap. So the CAC is trying to destroy and attack financial inclusion in Nigeria and it is offending a lot of stakeholders,” he said.

 The CAC also issued a stern warning to operators who fail to register within the new deadline…  

The Corporate Affairs Commission (CAC) has announced an extension of the registration deadline for Fintech Operators, specifically Point of Sales (PoS) Operators, from July 7, 2024, to September 5, 2024. This decision provides an additional 60 days for the registration of sole Agents, Super Agents, and Agents.

In a public notice dated July 7, 2024, the CAC highlighted the extension aims to accommodate operators, especially those in remote areas who have faced network challenges during the registration process.

This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.

The CAC also issued a stern warning to operators who fail to register within the new deadline.

“Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities,” the notice warned.

This extension is seen as a significant move to ensure all PoS Operators comply with regulatory requirements while addressing the technical difficulties that have hindered timely registration.

The CAC reiterated its commitment to facilitating a smooth registration process for all operators to enhance financial services’ efficiency and security in the country.

Why PoS operators are registering

Earlier in May, the CAC announced a July 7, 2024, registration deadline to PoS agents of major fintechs in Nigeria including OPay, Palmpay, and Moniepoint, among others.

The Registrar-General of the CAC, Hussaini Magaji, who announced this said this was the agreement with the PoS operators after a meeting in Abuja. 

Magaji said the registrations are also in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN). 

He added that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking. 

Subsequently, the CAC commenced an enrollment exercise for PoS agents and operators in Nigeria. The launch event also coincided with the opening of a 24-hour service centre that will help PoS operators get prompt responses and resolutions on issues surrounding their registration.

We have launched a 24-hour service centre to accommodate enquiries from Point of Sales operators and agents who may want to register as directed by the new policy. The secretariat is filled with staff members saddled to approve requests. We have equipped the secretariat with the necessary facilities.

In response, the National Association of Mobile Money and Bank Agents in Nigeria announced plans to head to the courts to address the legality of the mandatory business registration order issued to its members by the CAC.

President of the association, Fasasi Atanda, faulted the directive and said:

“CBN is right, no issue, the memo is clear, it only applies to non-individuals, unlike the Corporate Affairs Commission who generalised. We are in talks with the lawyer representing the association already, and a league of human rights lawyers whom we are not disclosing who they are for now.

And, in another interview, Atanda again faulted the CBN’s attempt to regulate the mobile money and banking agency space, noting that the CAC cannot regulate an industry that it does not understand.

“What people see as just POS is an industry. An agenda on financial inclusion. Over 300 local governments in Nigeria are without bank branches. And the largest transactions are happening in the informal sector in Nigeria. And this population are excluded. So the POS agents you’re seeing are actually meant to bridge the gap. So the CAC is trying to destroy and attack financial inclusion in Nigeria and it is offending a lot of stakeholders,” he said.