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Two months Lifeline has referred the point of sale (PoS) operators in the country to the Corporate Affairs Commission (CAC) for them to get registered with the commission.
Specifically, PoS operators now have until September 5, 2024 to register with the CAC or risk being cracked down on.
In May 2024, the CAC required operators to register by July 7, 2024 or face sanctions. The need for registration stems from the need to curb the increasing number of fraud cases in the country that are closely related to the PoS business.
But due to calls and pressure from across the country, CAC announced an extension of the deadline.
“The Corporate Affairs Commission wishes to inform Fintech Operators, also known as Point of Sale (POS) Operators, that the registration deadline for sole agents, super agents and other agents, which was initially set at 7 July 2024, has been extended by 60 days from 7 July 2024 to 5 September 2024,” the CAC said on its X account over the weekend.
“This is to allow operators sufficient time to register and continue to conduct business, especially those in remote areas that may experience network challenges. Operators who fail to register by the end of the extended period, or refuse to register, risk losing that business and being prosecuted for aiding and abetting criminal activity.”
Since the deadline was announced in May, some PoS operators have been complaining about the difficulties in registering on the commission’s portal. This prompted Lagos State Governor Babajide Sanwo-Olu to call on the commission to simplify the process.
The governor appealed to the commission during a courtesy call by the Registrar General of CAC, Hussaini Magaji, on Thursday in Alausa, Ikeja.
Sanwo-Olu, who was represented by his deputy, Obafemi Hamzat, suggested that the CAC could adopt a model similar to the National Tax Card, which provides the government with a database to manage infrastructure needs without burdening businesses.
While expressing the state government’s willingness to work with the CAC to ensure smooth registration of businesses in the state, he stressed the need for more publicity to correct the perception among people that registration with the CAC is difficult.
The Mobile Money and Banking Agents Association of Nigeria (AMMBAN) claimed that the CAC’s move would hamper the growth of the agent banking sub-sector which is valued at N13 trillion.
AMMBAN, in response to the early deadline set by the CAC on July 7, said mandatory registration would have a negative impact on members.
National chairman Fasasi Atanda noted that registration was not a means to combat fraud as many registered companies were guilty of various forms of fraud.
According to him, the agent banking fraud has nothing to do with CAC registration but is a collective action by stakeholders and AMMBAN is working with all security agencies.
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