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CAC Extends Fintech Registration, Picks New Deadline

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CAC Extends Fintech Registration, Picks New Deadline

The Corporate Affairs Commission (CAC) has approved a 60-day extension for the mandatory registration of point-of-sale (POS) agents, super agents, and sole agents.

News About Nigeria reports that the new deadline for registration is now September 5, 2024.

The commission announced the extension in a statement posted on its Facebook page on Saturday.

The extension is intended to provide sufficient time for operators, especially those in remote areas, to complete their registration.

The commission acknowledged that some operators may have faced network challenges, and this extension will enable them to register and continue their businesses without interruption.

The statement read, “The Corporate Affairs Commission wishes to notify Fintech Operators, also known as Point of Sales Operators, that the initial deadline of 7th July 2024, given for the registration of sole agents, super agents, and agents has been extended for 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.

It added that operators who continue to disobey after the new deadline will risk losing their businesses and facing prosecution for assisting criminal activities.

“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.”

Two months ago, the CAC announced that PoS agents of major fintechs in Nigeria, including OPay, Palmpay, and Moniepoint, among others, had been given a deadline of July 7, 2024, to register their businesses.

The Registrar-General of the CAC, Hussaini Magaji, who announced this, said this was the agreement with the PoS operators after a meeting in Abuja.

According to him, the registrations also align with the legal requirements and the directives of the Central Bank of Nigeria.

He added that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, as well as the 2013 CBN guidelines on agent banking.

He said the registration is aimed at safeguarding the businesses of fintechs and customers and strengthening the economy.

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