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CBN Sets July 7 Deadline for PoS Operators’ Registration

The CBN’s decision aims to enhance transparency in the Fintech sector and safeguard the interests of consumers and businesses. PoS operators are urged to comply with the registration process to ensure uninterrupted operations and regulatory adherence.

Published

2 weeks ago

May 7, 2024

Stella Charles Akupue

CBN Sets July 7 Deadline for PoS Operators' Registration

The Central Bank of Nigeria (CBN) has directed all Point of Sale (PoS) operators across the country to complete their registration with the Corporate Affairs Corporation (CAC) within two months. This mandate was issued during a significant meeting held on Tuesday in Abuja between representatives from the fintech sector and the Registrar-General/Chief Executive Officer of the CAC, Hussaini Magaji (SAN).

Magaji emphasized that the registration deadline, expiring on July 7, 2024, follows legal stipulations and aligns with the regulatory guidelines set forth by the CBN. This initiative aims to ensure adherence to regulatory standards, enhance transparency in the fintech sector, and safeguard the interests of consumers and businesses utilizing PoS services.

Deadline for PoS Operators’ Registration: CBN Imposes July 7 Ultimatum, Urges Compliance

The registration process is crucial for PoS operators as it involves registering their agents, merchants, and individual users with the CAC. Compliance with this directive is essential for PoS operators to continue their operations legally and without interruptions. The initiative also aims to foster accountability, mitigate risks associated with financial transactions, and promote a more robust and resilient financial ecosystem in Nigeria.

Representatives from leading fintech companies, including Opay, Momba, Palmpay Ltd. Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay, attended the meeting. Their endorsement and commitment to the registration process underscore the collaborative efforts between industry stakeholders and regulatory authorities to ensure compliance with regulatory requirements and drive the growth and development of the Fintech industry in Nigeria.

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