New CAC Business Registration Deadline For POS Operators

New CAC Business Registration Deadline For POS Operators

The Corporate Affairs Commission (CAC) issued a public notice on 7th July, extending the registration deadline for POS operators. The notice states:

The Corporate Affairs Commission wishes to notify Fintech Operators, also known as Point of Sales (POS) Operators, that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents and Agents has been extended for a period of sixty days beginning from 7th July 2024 to the 5th September 2024.

This 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.

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.”

Background

The Central Bank of Nigeria (CBN) issued a mandate directing all POS operators to complete their registration with the CAC before July 7, 2024. This directive makes it mandatory for all POS operators, whether agents, merchants, or individuals, to register with the CAC before commencing business operations. Those who have already started their business must also comply with this registration requirement.

Key Points to Note

Who Must Register: Point of Sales (POS) Operators, including sole Agents, Super Agents, and Agents.

New Deadline: 5th September, 2024.

Consequences of Non-Compliance: Your POS account will be blocked.

Implication for New POS Agents: New agents cannot get access to a POS machine until they are registered with CAC.

How We Can Help

Indira Legal offers seamless assistance in registering businesses with the CAC. Contact us today for expert guidance and support to ensure you meet the regulatory requirements on time.

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Reach out to us today, and let us register your business. Start NOW!

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