CAC Issues New deadline for PoS registration after giving instruction to block account

• The PoS operators' registration deadline has been extended by the Corporate Affairs Commission (CAC) from July 7, 2024, to September 5, 2024
• It further stated that operators run the risk of losing their companies if they choose not to register by the end of the extended deadline
• The purpose of this extension is to give operators especially in remote places enough time to register and carry on with their operations

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Corporate Affairs Commission (CAC) has extended the registration deadline for Point of Sales (PoS) operators from July 7, 2024, to September 5, 2024.

It added that operators, who refuse to register by the end of the extended deadline, risked losing their businesses, adding that they would face prosecution for aiding and abetting criminal activities.

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The commission announced this extension early on July 7, 2024, via its official social media platform, citing network challenges as the reason for the extension.

The commission stated,

“The Corporate Affairs Commission wishes to notify fintech operators, also known as Point of Sales (POS) Operators, that the initial deadline of July 7, 2024, for the registration of sole agents, super agents, and agents has been extended for a period of sixty days, starting from July 7, 2024, to September 5, 2024.

“This extension aims to provide sufficient time for operators, particularly those in remote areas who may have encountered network challenges, to register and continue their businesses.”

Legit.ng had earlier reported that Nigerian banks and fintech companies are set to block accounts of Point of Sale (PoS) operators yet to register their businesses with the Corporate Affairs Commission (CAC) before July 7, 2024.

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New telegraph reported that the directive made it mandatory for PoS terminals, whether agents, merchants, or individuals, to register with CAC before the commencement of business.

Nigerians lose millions to fraudulent money transfers

Legit.ng reported that although Point of Sale (PoS) machines have brought significant convenience to financial transactions in Nigeria, numerous individuals in the country have fallen prey to fraudulent activities.

The unscrupulous actions of scammers are dissuading many Nigerians from embracing this technology for their business transactions.

This development follows Legit.ng's earlier report that Nigerian banks lost a massive N9.5 billion to electronic fraud from January to August 2023.

Source: Legit.ng