The Corporate Affairs Commission (CAC) has announced an extension for the mandatory registration of Point of Sales agents, super agents, and sole agents until September 5, 2024. In a statement signed by its management and posted on its Twitter page on Saturday, the commission granted a 60-day extension.
The extension aims to provide ample time for operators, especially those in remote areas facing network challenges, to complete their registration and continue their business operations.
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 so register and continue with their businesses.”
It also stated that operators who fail or refuse to register at the end of the deadline will risk losing their businesses and facing prosecution for assisting criminal activities.
A couple of weeks ago, the CAC mandated that all Point of Sale (PoS) agents and fintechs must register as businesses with the Corporate Affairs Commission (CAC) before a deadline of July 7, 2024.
The Registrar-General of the CAC, Hussaini Magaji, made this announcement, stating that this was the agreement reached with the PoS operators after a meeting in Abuja.
He mentioned that the registrations comply with legal requirements and directives from the Central Bank of Nigeria.
Magaji added that the action is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on agent banking.
He stated that the registration aims to safeguard fintech businesses and customers, as well as to strengthen the economy.
In response, the National Association of Mobile Money and Bank Agents in Nigeria announced plans to take legal action to challenge the mandatory business registration order issued to its members by the CAC.
