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PoS operators will have a July 7 deadline for CAC registration

The Corporate Affairs Commission and some Point of Sale operators have agreed to protect the interests of customers.

The Registrar General of CAC, Hussaini Magaji, said this when the operators visited him at his office in Abuja.

Mr Magaji said the operators agreed to a two-month timeline to register their agents and traders with CAC.

According to him, this is in line with the legal requirements and guidelines of the Central Bank of Nigeria.

He said: “The measure is intended to protect the businesses of Fintech customers and strengthen the economy. The action is also supported by Section 863, Sub-section 1 of the Companies and Allied Matters Act (CAMA 2020), as well as the 2013 CBN Guidelines on Agent Banking.”

The Registrar General said the registration deadline, which was set for July 7, was aimed at providing protection to businesses in the country.

Also during his speech, Special Adviser to the President on Information and Communications Technology Development and Innovation, Peter Tokoni, reiterated the government’s commitment to boosting the economy.

“We will ensure the smooth facilitation of this process, in line with the Renewed Hope Initiative of the President Bola Tinubu-led government,” Mr Tokoni said.

For their part, the Fintech operators reiterated their commitment to work with CAC to ensure the efficient and effective implementation of the CBN Directive.

However, they urged adequate sensitization of the public to ensure smooth functioning and achieve the desired goal.

The representatives of Opay, Momba; Palmpay Ltd.; Payment Stack; Fairmoney Microfinance Bank; Moniepoint and Teasy Pay were present at the event.

The highlight of the event was the signing of a document by the representatives in support of the project.

(NAN)