Abuja, Nigeria – Point-of-sale (PoS) operators across Nigeria have two months to register their businesses with the Corporate Affairs Commission (CAC), according to a new directive issued by the Nigerian government. This move aligns with the Central Bank of Nigeria’s (CBN) efforts to strengthen regulations in the financial sector.
The decision follows a meeting between Fintechs, the umbrella term for PoS operators, and the Registrar-General of CAC, Hussaini Ishaq Magaji, in Abuja on Monday. The CAC has emphasized that this registration requirement applies to all PoS agents, merchants, and individual operators.
The deadline for registration is set for July 7, 2024. The CAC maintains that this initiative is not punitive but rather aims to protect businesses and ensure compliance with Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, along with the CBN’s 2013 guidelines on agent banking.
This directive comes amidst a growing concern about financial fraud in Nigeria. A recent report by the Nigeria Inter-Bank Settlement System (NIBSS) revealed a staggering 496.96% increase in fraud cases within the financial sector between 2019 and 2023, coinciding with the rise of electronic payments facilitated by PoS terminals.
With over 1.9 million PoS terminals deployed nationwide according to NIBSS, this registration process is expected to significantly enhance transparency and accountability within the financial ecosystem.
 operators across Nigeria have two months to register their businesses with the Corporate Affairs Commission (CAC), according to a new directive issued by the Nigerian government.){kind=link}