The Corporate Affairs Commission (CAC) has announced that it will take action against Point of Sale (PoS) businesses that failed to register before the September 5 deadline. The CAC has suggested that these unregistered PoS businesses might be involved in illegal activities.
The CAC is working with law enforcement agencies and other relevant bodies to enforce penalties, which could include shutdowns and other serious legal repercussions for those who did not comply with the registration requirement.
The announcement was made in a public notice released on Friday, September 6. The notice reads: “The Corporate Affairs Commission wishes to remind the public, particularly Fintech operators known as Point of Sale (POS) operators, that the 60-day registration deadline, as published in daily newspapers on July 7, 2024, expired on September 5, 2024.
“The Commission has observed that compliance with this registration directive has been insufficient, given the large number of POS operators in the country. Those who have complied with the directive are acknowledged for their positive response.
“Operators who have not complied may be engaging in unsanctioned activities or have other reasons for their non-compliance. The Commission is working with Law Enforcement Agencies and other relevant stakeholders to implement a thorough enforcement and sanction framework, which could include shutdowns and other severe legal actions.”
Meanwhile, fintech business owners, represented by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), have contested the CAC’s registration directive in court, arguing that the mandatory registration is illegal.
