The Central Bank of Nigeria (CBN) has set a two-month deadline for point-of-sale operators in Nigeria to complete registration with the Corporate Affairs Corporation (CAC) by July 7, 2024.
This step, underlined by CAC’s Registrar-General/Chief Executive Officer, Hussaini Magaji (SAN), is consistent with regulatory requirements and CBN guidelines to protect fintech customers’ businesses and promote the economy.
During a recent meeting in Abuja, representatives from various fintech companies like Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay came together and signed a document to support a project.
The CAC boss emphasized that the two-month timeline given to register agents, merchants, and individuals with the commission aligns with the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking. The registration deadline is set for July 7, 2024, and is aimed at protecting businesses without targeting any specific groups or individuals. Several speakers from the fintech industry expressed their commitment to collaborate with the commission for a smooth implementation of the directive, stressing the importance of thorough sensitization for successful results.
Additionally, the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, assured a seamless facilitation of the process in line with the administration’s Renewed Hope Initiative. The joint effort of these fintech companies and regulatory bodies underscores a collective drive towards
