The Corporate Affairs Commission has announced that it will partner with fintech companies in Nigeria, better known as PoS operators, for a two-month timeline to register their agents, merchants, and individuals across the country.
This follows the Central Bank of Nigeria’s directive to have PoS operators in Nigeria registered by CAC.
This agreement was revealed in a statement by CAC during a meeting between Fintechs and the Registrar-General/CEO of CAC, Hussaini Ishaq Magaji, SAN, in Abuja on Monday.
In his remark, Magaji said the purpose is to protect the interests of Fintech’s customers and to strengthen the economy.
In addition, he underlined that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking.
Hussaini Magaji therefore said that the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at protecting businesses.
Several speakers in the fintech sector promised to partner with the Commission to ensure hitch-free implementation of the directive.
However, to ensure that the exercise achieves the desired results, some of them emphasised the need for adequate and collective sensitisation.
Meanwhile, in his remarks the Special Adviser to the President on ICT development and innovation, Tokoni Igoin Peter said he would ensure a smooth facilitation of the process in line with the government’s renewed hope initiative.
The representatives of OPAY, MOMBA, PALMPAYLTD, PAYSTACK, FAIRMONEY MFB, MONIEPOINT, and TEASY PAY present at the event and later signed up for a document to support the project.
CAC News reports that a Nigerian newspaper, National Economy, today reported on its front page that Nigeria recorded N1.9bn in PoS fraud in one year.
It added that PoS fraud cases have been on the rise, with over 10,000 reported cases in just one year.
