The Federal Government has issued a two-month ultimatum to Point of Sales (PoS) companies, to register their agents, merchants, and individuals with the Corporate Affairs Commission in line with legal requirements and the directives of the Central Bank of Nigeria (CBN).
The registration deadline was issued at a meeting between Fintechs and the Registrar-General the CAC, Hussaini Ishaq Magaji, in Abuja.
Magaji said the measure is aimed at safeguarding the businesses of Fintech’s customers and strengthening the economy, adding that it is 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.
He noted that the directive is not targeted at any groups or individuals but genuinely aimed at providing protection for businesses.
This new directive is coming on the heels of fraud incidents involving POS terminals, which accounted for 26.37 per cent of fraud incidents in 2023, according to a fraud report by the Nigeria Inter-Bank Settlement System Plc.
