BREAKING: Corporate Affairs Commission Extends POS Registration Deadline

The Corporate Affairs Commission (CAC) has extended the mandatory registration deadline for Point of Sales (POS) agents, super agents, and sole agents to September 5, 2024. This decision provides a 60-day extension from the initial deadline of July 7, 2024.

In a statement posted on its Facebook page on Saturday, the CAC explained that the extension aims to give operators, especially those in remote areas facing network challenges, ample time to register and continue their business activities.

The statement read: “The Corporate Affairs Commission wishes to notify Fintech Operators, also known as Point of Sales Operators, that the initial deadline of July 7, 2024, for the registration of sole agents, super agents, and agents has been extended by sixty days, beginning from July 7, 2024, to September 5, 2024. This extension is to provide sufficient time for operators, particularly those in remote areas who might have encountered network challenges, to register and continue with their businesses.”

The CAC also warned that operators who fail to register by the new deadline risk losing their businesses and facing prosecution for aiding criminal activities. “Operators who fail or refuse to register at the end of the extended deadline run the risk of losing their businesses and prosecution for aiding and abetting criminal activities,” the statement added.

Two months ago, the CAC announced that POS agents of major fintechs in Nigeria, including OPay, Palmpay, and Moniepoint, were given a deadline of July 7, 2024, to register their businesses. The Registrar-General of the CAC, Hussaini Magaji, noted that this agreement with the POS operators followed a meeting in Abuja.

Magaji emphasized that the registrations align with the legal requirements and directives of the Central Bank of Nigeria (CBN). He further explained that the action is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on agent banking. The registration aims to safeguard the businesses of fintechs and customers and strengthen the economy.