Nigerian Govt Orders Registration Of All PoS Companies And Operators

The Federal Government (FG) of Nigeria, through the Corporate Affairs Commission (CAC), has ordered all Point of Sales (PoS) companies to register their agents, merchants, and individuals.

This move aligns with legal requirements and directives from the Central Bank of Nigeria (CBN). The agreement was reached during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja21.
The registration drive seeks to safeguard businesses under Section 863 (1) of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on agent banking1. With over 1.9 million PoS terminals deployed nationwide, this initiative aims to protect Fintech customers’ businesses and strengthen the economy.
The deadline for the registration is July 7, 2024. This new directive came against the backdrop of frequent fraud incidents involving POS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria

from withinNigeria

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