{"id":111738,"date":"2024-09-06T11:29:43","date_gmt":"2024-09-06T10:29:43","guid":{"rendered":"https:\/\/bodexng.com\/?p=111738"},"modified":"2024-09-06T11:29:45","modified_gmt":"2024-09-06T10:29:45","slug":"cac-threatens-to-shut-down-unregistered-pos-businesses-as-september-5-deadline-lapses","status":"publish","type":"post","link":"https:\/\/bodexng.com\/2024\/09\/cac-threatens-to-shut-down-unregistered-pos-businesses-as-september-5-deadline-lapses\/","title":{"rendered":"CAC threatens to shut down unregistered PoS businesses as September 5 deadline lapses"},"content":{"rendered":"
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The Corporate Affairs Commission (CAC) said it has commenced the process of taking drastic actions including shutting down Point of Sales (PoS) businesses that have failed to register their businesses as its September 5 deadline lapsed.<\/p>\n\n\n\n

The Commission stated this in a public notice released on Friday. While noting there was inadequate compliance with its directive, it said those who decided not to register may be engaging in \u201cunwholesome activities.\u201d<\/p>\n\n\n\n

This development comes as the fintech business owners under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) have challenged the CAC\u2019s registration directive in court even as they insist the mandatory registration was illegal.<\/p>\n\n\n\n

Providing an update on the registration after the Thursday deadline, the CAC in the public notice said:<\/p>\n\n\n\n

\u201cThe Corporate Affairs Commission wishes to remind the general public particularly Fintech operators also known as Point of Sale (POS) operators, that the 60-day deadline given in daily newspaper publications of July 7 2024, for the registration of such businesses expired on September 5, 2024.<\/p>\n\n\n\n

\u201cThe Commission notes inadequate compliance with the directive for formalization when viewed from the background of the large number of POS operators in the country. Those who have taken steps to formalize in line with the Commission\u2019s directive are commended for their positive attitudes.<\/p>\n\n\n\n

\u201cRecalcitrant operators have refused to adhere to the advice for formalization due possibly, to engagements in unwholesome activities or for some reasons best known to them.<\/p>\n\n\n\n

\u201cWe are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal Consequences.\u201d<\/p>\n\n\n\n

Earlier in May, the CAC announced that  PoS agents of major fintechs in Nigeria including OPay, Palmpay, and Moniepoint, among others, had been given a deadline of July 7, 2024, to register their business.<\/a><\/p>\n\n\n\n