THE Corporate Affairs Commission (CAC) said it has extended to September 5, 2024, the deadline for POS operators to register their businesses as required by law.
But the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), has reiterated their opposition to the idea of registering the operators, describing it is a move to impose taxes on members in the future.
But the CAC went ahead to warn operators who fail to register by September 5 of possible prosecution, while they risk forfeiting their businesses.
The CAC in a statement said: “we wish to reiterate the notice to POS operators to register as sole agents, super agents and agents for an extended period of 60 days ending September 5, 2024. This is to give sufficient time to operators, particularly those in rural and remote areas who might have encountered network challenges in their bid to register and continue with their businesses. “Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses, but they will surely be prosecuted possibly aiding and abetting criminal activities by refusing to register with the CAC.
Since the deadline was announced in May, some of the PoS operators complained about difficulties in getting their registration completed on the Commission’s portal. Earlier ins May, the CAC announced that PoS agents of major fintechs in Nigeria including OPay, Palmpay and Moniepoint, among others, have been given a deadline of July 7, 2024, to register their businesses. The Registrar-General of the CAC, Hussaini Magaji, who announced this said this was the agreement with the PoS operators after a meeting in Abuja.
According to him, the registration is in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN). He added that the action was equally backed by Section 863, sub Section 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking. He said the registration is aimed at safeguarding the businesses of fintechs and customers, as well as strengthening the economy.
