CAC Set For Showdown With PoS Operators As Registration Deadline Lapses
The Corporate Affairs Commission (CAC), has announced that it has begun implementing strict measures, including shutting down Point of Sales (PoS) businesses that did not register by the September 5 deadline.
The Commission stated this in a public notice released on Friday, citing inadequate compliance with its directive.
It said those who decided not to register may engage in “unwholesome activities.”
This development came as the Fintech business owners under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), challenged the CAC’s registration directive in court, insisting that the mandatory registration was illegal.
LEADERSHIP TV reports that the CAC announced in May that PoS agents of major Fintechs in Nigeria including OPay, Palmpay, and Moniepoint, among others, were given deadline of July 7, 2024, to register their business.
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