The Central Bank of Nigeria (CBN) has set a July 7, 2024 deadline for Point of Sale (PoS) operators to complete registration with the Corporate Affairs Commission (CAC), it was revealed at a meeting in Abuja on Tuesday.

During the gathering between fintech companies and the CAC Registrar-General/CEO Hussaini Magaji (SAN), the two-month timeline for PoS firms to register their agents, merchants, and individuals with the commission was announced.

“The measure aims at safeguarding the businesses of fintech’s customers and strengthening the economy,” a CAC statement read. Magaji stated the directive aligns with legal requirements under Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on agent banking.

The CAC boss explained the July 7 deadline for registration “was not targeted at any groups or individuals but aimed at protecting businesses.” He stressed the importance of the fintech industry collaborating with the commission to ensure smooth implementation.

Representatives from major fintech players like OPay, Palmpay, PayStack and Teasy Pay were present and pledged support by signing an agreement backing the registration project.

Some attendees highlighted the need for widespread public sensitization to ensure the registration drive achieves its desired impact. The President’s Special Adviser on ICT Development and Innovation, Tokoni Peter, assured facilitation aligning with the current administration’s Renewed Hope Initiative.

The two-month registration window comes amid the CBN’s efforts to strengthen oversight and regulation of Nigeria’s rapidly growing fintech sector, safeguarding consumer interests and economic stability.