The Corporate Affairs Commission (CAC) has recently announced an extension for the registration deadline for all Point of Sale (PoS) operators by an additional sixty days. This extension aims to accommodate operators, particularly those in remote areas, who may have faced network issues that hindered their registration process. The new registration deadline now spans from July 7, 2024, to September 5, 2024.
Initially, the CAC had set a deadline of July 7, 2024, for the registration of PoS operators. However, in a statement posted on its official X handle on Sunday, the Commission clarified that it has decided to extend this period. The statement read: “The Corporate Affairs Commission wishes to notify Fintech Operators, also known as Point of Sales (POS) Operators, that the initial deadline of July 7, 2024, given for the registration of sole Agents, Super Agents, and Agents has been extended for a period of sixty days beginning from July 7, 2024, to September 5, 2024. This extension is to give sufficient time to operators, particularly those in remote areas who might have encountered network challenges, to register and continue with their businesses.”
The extension is crucial for many PoS operators who have struggled with technical difficulties, especially in areas with limited network connectivity. By providing an additional sixty days, the CAC aims to ensure that all operators have ample opportunity to comply with the registration requirements.
The Commission also issued a stern warning to operators about the consequences of failing to meet the new deadline. It stated, “Operators who fail or refuse to register at the end of the extended deadline run the risk of losing their businesses and facing prosecution for aiding and abetting criminal activities.” This warning underscores the importance of compliance and the potential legal ramifications for non-compliant operators.
Earlier in May, the Registrar-General and Chief Executive Officer of the CAC, Hussaini Magaji (SAN), emphasized the necessity of this registration process. He explained that the registration timeline was established in accordance with legal requirements and directives from the Central Bank of Nigeria (CBN). Magaji highlighted that this action is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, as well as the 2013 CBN guidelines on agent banking.
Magaji further elaborated on the significance of this initiative, noting that it is part of a broader effort to regulate and formalize the operations of PoS agents across the country. He stressed that the registration process is essential for maintaining the integrity and security of financial transactions conducted through PoS systems. By registering, operators can help prevent fraudulent activities and enhance the overall trust in the PoS system.
The extension granted by the CAC is a welcome development for many PoS operators who have been grappling with the registration process. It provides them with the necessary time to resolve any technical issues and fulfill the registration requirements. For operators in remote areas, this extension is particularly beneficial, as it addresses the unique challenges they face in accessing reliable network services.
As the new deadline approaches, PoS operators are urged to take advantage of the extended period to complete their registration. Compliance with the CAC’s requirements will not only ensure the legality of their operations but also contribute to the overall stability and security of Nigeria’s financial system.
In conclusion, the CAC’s decision to extend the registration deadline for PoS operators reflects its commitment to inclusivity and fairness. By accommodating operators who have faced network challenges, the Commission demonstrates its understanding of the diverse circumstances that affect businesses across the country. This extension provides a crucial window of opportunity for all PoS operators to comply with regulatory requirements and continue their operations seamlessly.
