Lagos, Nigeria – In the latest release by the Corporate Affairs Commission (CAC), it has begun implementing strict measures, including shutting down Point of Sales (PoS) businesses that failed to register by September 5.
Noting inadequate compliance with its directive, the Commission stated this in a public notice circulated on Friday.
This development came as the Fintech business owners under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) challenged the CAC’s registration directive in court, insisting that the mandatory registration was illegal.
Providing an update on the registration after the deadline, the CAC in the public notice said, “The Corporate Affairs Commission wishes to remind the general public particularly Fintech operators also known as Point of Sale (POS) operators, that the 60-day deadline given in daily newspaper publications of July 7 2024, for the registration of such businesses expired on September 5, 2024.
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“The Commission notes inadequate compliance with the directive for formalisation when viewed from the background of the large number of PoS operators in the country. Those who have taken steps to formalise in line with the Commission’s directive are commended for their positive attitudes.
“Recalcitrant operators have refused to adhere to the advice for formalisation due possibly, to engagements in unwholesome activities or for some reasons best known to them.
“We are to make it clear that the Commission is working with law enforcement agencies and other relevant stakeholders to deploy comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal consequences.”
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