CAC Directs Banks To Enforce Directive On PoS Operators Registration

The Corporate Affairs Commission (CAC) has mandated the Central Bank of Nigeria (CBN) to enforce the order on compulsory registration of the Point of Sales (PoS) operators within the country.

This directive was contained in a statement titled ‘Enforcement Of Compliance With Central Bank Of Nigeria Directive On Registration Before Onboarding’ issued by the CAC on Thursday.

It disclosed that it had instructed banks to ensure registration on or before July 7, 2024.

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According to the CAC, in a letter to all affected banks, the Registrar-General and Chief Executive Officer, CAC, Hussaini Magaji (SAN), said the instruction was in line with Section 863(1) of CAMA and the CBN guidelines for Agent Banking, 2013.

The CBN had earlier, through a memo issued on April 30, 2024, directed all non-individuals on the Agent Banking Authorization, to immediately take steps to register their businesses with the CAC in line with Section 863 of the Companies and Allied Matters Act (CAMA) 2020.

The directive made it mandatory for PoS terminals whether as agents, merchants or individuals, to register with CAC before commencement of business.

“The Registrar-General therefore enjoined the banks to ensure maximum compliance with the requirements of the law to ensure economic growth,” the CBN statement added.