The Corporate Affairs Commission (CAC) and financial technology companies (fintechs) have agreed to a two-month timeline to register their merchants, and agent bankers -- better known as PoS operators.
The Corporate Affairs Commission and financial technology companies have agreed to a two-month timeline to register their merchants, and agent bankers — better known as PoS operators.
The agreement was reached when Hussaini Magaji, registrar-general of the CAC, met with some fintech companies in Abuja on Monday. He stressed that the action is equally backed by Section 863 of the Companies and Allied Matters Act, 2020, as well as the 2013 CBN guidelines on agent banking., the CAC quoted Magaji as saying the registration will not, in any way, target any group or person.“Hussaini Magaji, therefore, said that the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at protecting businesses,” the tweet reads.
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