The Corporate Affairs Commission (CAC) has said it is working with law enforcement agencies to begin the shutdown of Point of Sales (PoS) businesses that failed to meet up with its September 5 registration deadline.
The Commission stated this in a public notice released on Friday.
It decried inadequate compliance with the registration directive, saying those who decided not to register may be engaging in “unwholesome activities.”
“The Corporate Affairs Commission wishes to remind the general public particularly Fintech operators also known as Point of Sale (POS) operators, that the 60-day deadline given in daily newspaper publications of July 7 2024, for the registration of such businesses expired on September 5, 2024.
“The Commission notes inadequate compliance with the directive for formalization when viewed from the background of the large number of POS operators in the country. Those who have taken steps to formalize in line with the Commission’s directive are commended for their positive attitudes.
“Recalcitrant operators have refused to adhere to the advice for formalization due possibly, to engagements in unwholesome activities or for some reasons best known to them,” the notice read.
The CAC added tht apart from the shutdown, there may be other severe legal consequences for defaulters.
