CAC registration

CAC's Bold Move: Mandatory Registration for PoS Operators Sparks Controversy

Find out why CAC's new directive for PoS operators is causing a stir in Nigeria!

The Corporate Affairs Commission (CAC) has taken a significant step by launching a center dedicated to bulk registration of Point of Sale (PoS) operators in Nigeria. This move comes as the CAC mandated all PoS agents of major financial technology companies to register their businesses to ensure they are on the regulatory radar. Despite the CAC's assurance that the registration deadline is for business protection purposes, some PoS agents in the Federal Capital Territory have expressed dissatisfaction with this new requirement.

Hussaini Magaji (SAN), the Registrar General of CAC, emphasized that operating a PoS without proper registration is now considered a criminal offense. This strict stance highlights the CAC's commitment to regulating the fintech industry and ensuring compliance with legal standards. While the deadline for PoS registration with the CAC is approaching, the controversy surrounding this directive continues to stir debates among industry players and stakeholders.

In a bid to streamline operations and enhance transparency, the CAC's move to centralize PoS operator registration reflects a growing trend towards stricter regulatory oversight in Nigeria's financial sector. The clash between PoS agents and the CAC underscores the challenges of balancing regulatory requirements with business interests in a rapidly evolving industry landscape.

With the July 7 deadline looming, PoS operators are facing increasing pressure to comply with the CAC's registration mandate. The repercussions of non-compliance have raised concerns among industry professionals, highlighting the need for a collaborative approach to address the regulatory complexities inherent in the fintech sector.