SMEs and Ventures

CAC Extends PoS Operators Registration From July To September

The Corporate Affairs Commission (CAC) has announced an extension of the registration deadline for POS operators from July 7, 2024, to September 5, 2024. Failure to register by the new deadline may result in the loss of businesses and prosecution for aiding criminal activities. The commission cited network challenges as the reason for the extension and made the announcement via its official social media platform on July 7, 2024.

The commission stated: “The Corporate Affairs Commission wishes to notify fintech operators, also known as Point of Sales (POS) Operators, that the initial deadline of July 7, 2024, for the registration of sole agents, super agents, and agents has been extended for a period of sixty days, starting from July 7, 2024, to September 5, 2024.

“This extension aims to provide sufficient time for operators, particularly those in remote areas who may have encountered network challenges, to register and continue their businesses.”

The Nigeria Inter-Bank Settlement System (NIBS), estimates that there are over 1.9 million PoS terminals deployed by merchants and individuals across the country. Mobile Money Operators Processed N46.9tn Transactions in 2023, 141% YoY Growth.

According to the CBN there are 17 licensed mobile money operators, namely, Abeg Technologies Limited, Chams Mobile Limited, eTranzact International Limited, Fortis Mobile Money Limited, Funds And Electronic Transfer (FETS) Limited, Hedonmark Management Services Limited, Pagatech Limited, Palmpay Limited, Parkway Projects Limited, Teasy International Company Limited, NowNow Digital Systems Limited, VTNetwork Limited, Xpress MTS Limited, Kongapay Technologies Limited, Visual ICT Limited

In addition, the commercial banks and some microfinance banks equally have mobile banking license and give out Pos terminals

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