All point-of-sale operators utilizing PalmPay’s platform will need to submit their CAC certificates or register with the Corporate Affairs Commission by July 7, 2024, in order to keep their accounts from being frozen.
This mandate adheres to the 2013 Central Bank of Nigeria recommendations on Agent Banking as well as Section 863 (1) of the Companies and Allied Matters Act 2020, according to a statement made available to ThePunch on Thursday, July 4.
It stated,
Recall that in accordance with regulatory requirements and the Central Bank of Nigeria’s regulations, Point of Sale companies were fiven two months to register their agents, merchants, and persons with the commission. This deadline was announced by the Federal Government through the Corporate Affairs Commission.
The CAC registration portal has been incorporated into PalmPay’s Business App to streamline the registration process. Operators can now easily register their companies and submit the necessary paperwork thanks to this.
Umuteme Enakeno, Head of Marketing and Communications at PalmPay, stated that the company accepted the CAC’s decision.
Enakeno said,
He noted for assistance, operators can contact PalmPay customer support via phone, email, or by visiting any of the 36 state offices across Nigeria.
He noted
According to new reports, Point of Sale providers operating under the National President of the Nigerian Association of Mobile Money and Bank Agents have decided to take the required Corporate Affairs Commission for their members to court to challenge its validity.
TimesNow.com.ng reporeted 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.
As previously reported by TimesNow.com.ng, the Central Bank of Nigeria instructed all non-individuals on the agent banking authorization to register their businesses with the CAC as soon as possible in accordance with Section 863 of the Companies and Allied Matters Act (CAMA) 2020. The directive was sent in a memo dated April 30, 2024.
All PoS terminals, whether they are owned by agents, merchants, or private persons, are required by the directive to register with CAC prior to opening for business.
Source: TimesNow.com.ng
