BREAKING: CAC Begins Clampdown on Unregistered PoS Businesses After Deadline Lapses

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This was disclosed in a public notice released on Friday. The Commission expressed concerns over the low compliance with its registration directive and suggested that those refusing to comply might be involved in “unwholesome activities.”

EKO HOT BLOG reports that the development follows a legal challenge by fintech business owners, under the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), who argue that the CAC’s mandatory registration is illegal.

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In an update after the deadline, the CAC stated: “The Corporate Affairs Commission reminds the public, particularly Fintech operators, also known as Point of Sale (PoS) operators, that the 60-day deadline announced in newspaper publications on July 7, 2024, for registering such businesses expired on September 5, 2024.

“The Commission has observed a lack of adequate compliance, considering the large number of PoS operators nationwide. We commend those who have complied and taken steps to formalize their businesses.

“However, recalcitrant operators who refuse to comply may be involved in unwholesome activities or have other reasons for their non-compliance.

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“The Commission is working closely with law enforcement agencies and other relevant stakeholders to implement a robust enforcement and sanction framework, which could include business closures and other severe legal consequences.”

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