CAC Threatens To Shut Down Unregistered PoS Businesses As September 5 Deadline Lapses

The Corporate Affairs Commission (CAC) said it has commenced the process of taking drastic actions in shutting down Point of Sales (PoS) businesses that have failed to register their businesses as its September 5 deadline lapsed.
CAC 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 “unwholesome activities.”

This 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’s registration directive in court even as they insist the mandatory registration was illegal.

The CAC in the public notice said:

“The 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.

“The 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’s directive are commended for their positive attitudes.

“Recalcitrant 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.

“We 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.”