Enter your email address below and subscribe to our newsletter

CAC Extends The Deadline for Point-of-Sale (PoS) Operators’ Registration

By Oluchukwu Ikemefuna

Share your love

CAC extends PoS operators’ registration deadline: The Corporate Affairs Commission (CAC) has extended the deadline issued to Point of Sales (PoS) operators in Nigeria to register their businesses by 60 days.

Due to the new directive, PoS operators now have until September 5, 2024, to register their businesses as against the initial deadline of July 7.

The CAC announced the extension on Saturday in a statement signed by its management.

CAC Extends PoS Operators' Registration Deadline

CAC Extends PoS Operators’ Registration Deadline

According to a public notice dated July 7, 2024, the CAC highlighted the extension aims to accommodate operators, especially those in remote areas who have faced network challenges during the registration process. 

CAC extends PoS operators’ registration deadline comes with strict warning. The organization also issued a stern warning to operators who fail to register within the new deadline.

“Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities.”

Also Read: FG Orders over 2 Million POS Agents to Register Under CAC Amid Fraud Speculations

Since the deadline was announced in May, some of the Pos operators have been complaining about difficulties in getting their registration done on the commission’s portal. 

This prompted the Lagos State Governor, Babajide Sanwo-Olu, to appeal to the commission to simplify the process.

The governor appealed to the commission, on Thursday, during a courtesy call on him by the Registrar-General of CAC, Hussaini Magaji, at Alausa, Ikeja. 

Reactions To The CAC Initiatives

The CAC had commenced an enrollment exercise for PoS agents and operators in Nigeria on May 7, 2024. The launch event also coincided with the opening of a 24-hour service centre that will help PoS operators get prompt responses and resolutions on issues surrounding their registration.

However, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) claimed that the move by CAC would hinder the growth of the agent banking sub-sector, whose worth was put at N13 trillion.

AMMBAN, while responding to the earlier deadline of July 7 by CAC, had stated that forceful registration would impact members negatively.

National President Thoughts On The Initiative

The National President, Fasasi Atanda, noted that registration was not a means of fighting fraud, as a lot of registered companies are into all forms of fraud.

According to him, fraud in agency banking is not about CAC registration, but about the collective action of the stakeholders, which AMMBAN is working with all the security agencies.

He said, “CBN is right, no issue, the memo is clear, it only applies to non-individuals, unlike the Corporate Affairs Commission who generalised. We are in talks with the lawyer representing the association already, and a league of human rights lawyers whom we are not disclosing who they are for now.”

Share your love
Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

Articles: 391

Newsletter Updates

Enter your email address below and subscribe to our newsletter

Stay informed and not overwhelmed, subscribe now!