Point of Sales (PoS) operators may lose operational licenses by July 7, 2024, over incomplete registration with the Corporate Affairs Corporation (CAC).
The directive issued by the Central Bank of Nigeria (CBN) was revealed by the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji during a meeting between Fintechs in Abuja on Tuesday.
Earlier the CBN had restricted fintechs from onboarding new customers and its warnings against cryptocurrency trading underscore a desire for tighter control over digital assets.
The new development will see the registration of over 1.9 million terminals deployed across the 36 states of the federation.
Speaking at the event, Magaji said the two-month deadline was enough for the fintechs to register their agents, merchants, and individuals with the commission, and was “in line with legal requirements and the directives of the Central Bank of Nigeria.”
Magaji said the development was to aid electronic financial security while noting that the move was backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.
Recall that the Nigeria Inter-Bank Settlement System Plc (NIBSS) report revealed PoS terminals were involved in 26.37 per cent of fraud cases in 2023.
“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” the CAC boss said.
Subsequently, he assured that the two-month timeline was not targeted at any groups or individuals but aimed at protecting businesses.
In his remarks, the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, pledged to ensure smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.
The various representatives of Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MB, Monie Point, and Teasy Pay at the event signed up for a document to support the project after stringent deliberation.
