FG directs 1.9m PoS operators to register within two months

The federal government through the Central Bank of Nigeria (CBN) has ordered all Point-of-Sale operators in the country to register their businesses with the Corporate Affairs Commission (CAC) in two months.

This was revealed after a meeting between Fintechs and the Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji (SAN) in Abuja on Tuesday.

The CAC boss said the two-month timeline for the registration, which will expire on July 7, was not targeted at any groups or individuals but was “in line with legal requirements and the directives of the Central Bank of Nigeria.”

According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide.

Speaking at the meeting, the CAC boss said the measure Nigerian Government Orders Registration Of 1.9 million PoS Operator at safeguarding the businesses of Fintech’s customers and strengthening the economy.

“The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.

“The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja,” a statement issued after the meeting read.