The Corporate Affairs Commission (CAC) has extended the registration deadline for Point of Sales (PoS) operators in Nigeria to September 5, 2024. This 60-day extension aims to give operators, especially those in remote areas, sufficient time to register and continue their businesses. The registration is crucial for safeguarding fintech businesses and customers, as well as strengthening the economy.
However, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has criticized the mandated registration, seeing it as a tax revenue generation attempt by the government. Since May, PoS operators have faced registration challenges, with difficulties in completing the process on the CAC’s portal.
Lagos State Governor, Mr. Babajide Sanwo-Olu, has appealed to the Commission to simplify the process, suggesting a model similar to the state tax card. The registration is legally required, aligning with the Central Bank of Nigeria’s (CBN) directives and Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, as well as the 2013 CBN guidelines on agent banking.
The CAC warns that failure to meet the new deadline will result in prosecution and risk losing business. The extension provides a chance for operators to comply, ensuring their businesses’ safety and contribution to the economy. With the deadline extended to September 5, 2024, PoS operators must prioritize registration to avoid legal consequences and continue operating smoothly.
In a bid to ease the registration process, the CAC has announced plans to deploy AI for faster registration of businesses in Nigeria. This move aims to reduce the challenges faced by PoS operators and streamline the registration process. As the deadline approaches, PoS operators are advised to take advantage of the extension and complete their registration to avoid any potential penalties.
