CAC to PoS operators: You have till July 7 to register your agents, merchants

The Registrar-General of CAC, Hussaini Magaji, has warned POS operators to comply with the July 7 deadline as regard registering their agents and merchants.

He made this known when the operators visited him in his office in Abuja.

Mr Magaji said the operators agreed to a two-month timeline to register their agents and merchants with CAC.

According to him, this is in line with the legal requirements and the directives of the Central Bank of Nigeria.

He said, “The measure is to safeguard the businesses of Fintech customers and strengthen the economy. The action is 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.’’

The registrar-general said that the deadline for the registration, which was agreed to be July 7, was aimed at providing protection for businesses in the country.

Also speaking, the Special Adviser to the President on Information and Communication Technology Development and Innovation, Peter Tokoni, restated the commitment of the government to boost the economy.

“We will ensure smooth facilitation of this process in line with the Renewed Hope Initiative of President Bola Tinubu-led administration,” Mr Tokoni said.

On their part, the Fintech operators reiterated their commitment to partner with CAC to ensure the efficient and effective implementation of the CBN directive.

They, however, urged for adequate sensitisation of the public to ensure smooth operations and to meet the desired goal.

The representatives of Opay, Momba; Palmpay Ltd.; Paystack; Fairmoney Microfinance Bank; Moniepoint, and Teasy pay were present at the event.

The highlight of the event was the signing of a document by the representatives to support the project.

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