The Corporate Affairs Commission (CAC) has announced September 5, 2024 as the new deadline for Point of Sales agents, super agents, and sole agents registration to register their businesses or face the risk of losing their accounts.
The commission announced the new deadline in a statement signed by its management and posted on its X(formerly Twitter) page on Saturday, July 6, 2024.
The new deadline is a 60-day extension from the previous date of July 7, 2024.
TimesNow.com.ng earlier reported that the Central Bank of Nigeria, in a memo issued on April 30, 2024, directed all non-individuals on the agent banking authorisation to immediately take steps to register their businesses with the CAC in line with Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
The directive made it mandatory for PoS terminals, whether agents, merchants, or individuals, to register with CAC before the commencement of business.
Following up on the CBN announcement, CAC released a statement titled ‘‘Enforcement of Compliance with CBN Directive on Registration Before onboarding,” demanding that banks ensure registration.
In the statement announcing the new deadline, CAC said the extension gives operators, especially those in remote areas with network issues, more time to register and continue their businesses.
CAC said:
Association of Mobile Money & Bank Agents Bank in Nigeria (AMMBAN) is currently in court challenging the directive.
Speaking to TimesNow.com.ng on the new deadline, Fasasi Sarafadeen Atanda, the national president of AMMBAN), said:
Regarding the court case currently in the Federal High Court in Ikoyi, Lagos, it has been adjourned to October 15, 2024.
In a related development, TimesNow.com.ng reported that Nigerian banks and fintech companies are set to block the accounts of PoS operators who fail to register their businesses.
The banks are now warning that failure to comply with the CAC registration requirement will result in account freezing.
Source: TimesNow.com.ng
