The Corporate Affairs Commission (CAC) has mandated the operators of Point of Sale commonly known as PoS to register their agents and merchants within a two-month period.
This is according to the commission, aimed to enhance transparency and mitigate fraud in the financial sector.
Hussaini Magaji, SAN, the Registrar-General/Chief Executive Officer of the CAC, issued the directive during a meeting with various fintech companies in Abuja on Tuesday.
Magaji emphasized that the measure is geared towards safeguarding the interests of fintech customers and improving the nation’s economy.
He cited compliance with Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, as well as the 2013 Central Bank of Nigeria guidelines on agent banking, as the basis for the directive.
In alignment with the administration’s Renewed Hope Initiative, Tokoni Peter, the Special Adviser to President Bola Tinubu on ICT Development and Innovation, pledged to facilitate the process smoothly.
Central Bank of Nigeria (CBN) had earlier directed fintech companies like Moniepoint, OPay, and PalmPay to halt onboarding of new members.
Currently, there are no less than 1.9 million PoS agents operating nationwide.
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