The Corporate Affairs Commission (CAC) has announced an extension for the mandatory registration of Point of Sales (PoS) agents, super agents, and sole agents. The new deadline is September 5, 2024, providing a 60-day extension from the initial deadline of July 7, 2024.
This extension was detailed in a statement issued by the CAC management and posted on its Facebook page on Saturday.
The CAC explained that the additional time is intended to accommodate operators, especially those in remote areas who may have faced network challenges, allowing them to register and continue their operations without disruption.
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 for sixty days, from July 7, 2024, to September 5, 2024.
This extension is to ensure sufficient time for operators, particularly those in remote areas who may have encountered network issues, to register and continue their businesses.”
The CAC warned that operators who fail to comply with the new deadline risk losing their businesses and facing prosecution for aiding and abetting criminal activities.
“Operators who fail or refuse to register by the extended deadline run the risk of losing their businesses and being prosecuted for aiding and abetting criminal activities.”
Two months ago, the CAC had announced that PoS agents from major fintech companies in Nigeria, including OPay, Palmpay, and Moniepoint, were required to register their businesses by July 7, 2024.
This announcement followed a meeting in Abuja, where the Registrar-General of the CAC, Hussaini Magaji, disclosed that this agreement had been reached with the PoS operators.
Magaji emphasized that the registrations align with legal requirements and the directives of the Central Bank of Nigeria (CBN).
He noted that the mandate 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 purpose of the registration, Magaji added, is to safeguard the businesses of fintech companies and their customers, thereby strengthening the economy.
