News

CAC Extends Deadline For PoS Operators’ Registration

ByHafsoh Isiaq

PublishedJuly 7, 2024

The Corporate Affairs Commission (CAC) has announced the extension of the deadline for registration of all Point of Sale Operators (PoS) by an additional sixty days.

According to the Commission, the extension period which begins from 7th July 2024 to 5th September 2024, is to allow operators, especially those in remote areas who might have encountered network glitches to register.

OSUN DEFENDER reports that the Commission had earlier in May 2024, given a deadline of 7th July 2024.

But in a statement posted on its X handle on Sunday, it noted that the registration will now end in September.

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“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales (POS) Operators that the initial deadline of 7th July, 2024 given for the registration of sole Agents, Super Agents and Agents has been extended for a period of sixty days beginning from 7th July, 2024 to the 5th September 2024.

“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 Commission, however, warned that “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.”

Speaking earlier in May, the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN), said timeline to register their agents, merchants, and individuals with the commission, was “in line with legal requirements and the directives of the Central Bank of Nigeria”.

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