In a significant move towards protecting the interests of customers, the Corporate Affairs Commission (CAC) has forged a partnership with Point of Sale (PoS) operators. The Registrar-General of CAC, Hussaini Magaji, announced this collaboration during a meeting with the operators at the CAC headquarters in Abuja.
Magaji disclosed that the operators have committed to a two-month timeline to register their agents and merchants with CAC, aligning with legal requirements and directives from the Central Bank of Nigeria (CBN). This proactive measure, backed by relevant legislation including Section 863, Sub-section 1 of the Companies and Allied Matters Act (CAMA 2020) and the 2013 CBN guidelines on agent banking, aims to fortify the businesses of Fintech customers and bolster the economy.
“The agreed deadline for registration, set for July 7, is geared towards providing comprehensive protection for businesses across the country,” Magaji emphasized.
Peter Tokoni, the Special Adviser to the President on Information and Communication Technology Development and Innovation, reaffirmed the government’s commitment to economic revitalization. “We will facilitate this process seamlessly in line with the Renewed Hope Initiative of the President Bola Tinubu-led administration,” Tokoni assured.
Fintech operators present at the meeting reiterated their dedication to collaborating with CAC to ensure the smooth and efficient implementation of the CBN directive. However, they stressed the importance of public awareness campaigns to facilitate seamless operations and achieve the desired objectives.
Representatives from Opay, Momba, Palmpay Ltd., Paystack, Fairmoney Micro Finance Bank, Moniepoint, and Teasy pay attended the event, underscoring the broad industry support for the initiative. The highlight of the gathering was the formal signing of a document by the representatives, symbolizing their commitment to supporting the project’s success.
This collaborative effort between CAC and PoS operators signifies a proactive approach towards safeguarding consumer interests and promoting a conducive business environment. As stakeholders continue to work together, they pave the way for enhanced transparency, accountability, and resilience in Nigeria’s financial ecosystem.
