The Central Bank of Nigeria (CBN) has set a deadline of July 7, 2024, for Point of Sale (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC). This announcement came during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday.

At the event, the CAC boss emphasized that the two-month timeframe for registering agents, merchants, and individuals with the commission aligns with legal requirements and directives from the Central Bank of Nigeria. The objective is to safeguard the businesses of Fintech customers and strengthen the economy, according to a statement titled 'CAC, PoS OPERATORS AGREE TO TWO-MONTH DEADLINE TO REGISTER THEIR AGENTS AND MERCHANTS TO STRENGTHEN THE FINTECH INDUSTRY‘ issued by the CAC.

Magaji clarified that the registration timeline, expiring on July 7, 2024, is not aimed at targeting any particular groups or individuals but rather focused on protecting businesses. He cited Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking as supporting this initiative.

Various speakers from the Fintech industry expressed their commitment to collaborating with the commission to ensure the smooth implementation of the directive. While some emphasized the need for comprehensive and collective awareness campaigns to ensure the exercise's success, others, including the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, pledged to facilitate the process in line with the Renewed Hope Initiative of the present administration.

Representatives from Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay, who attended the event, later signed a document to support the project.