Explicit Consult Project

Are you running a P.O.S business, or you have a POS Machine that you are operating? This information is very important for you!

The Corporate Affairs Commission (CAC) has instructed banks to ensure registration of their customers in the agent banking platform on or before July 7, 2024.

In a letter to all affected banks, the Registrar-General/CEO, CAC Hussaini Ishaq Magaji, SAN, said the instruction is in line with Section 863(1) of CAMA and the CBN guidelines for Agent Banking, 2013.

The Central Bank of Nigeria (CBN) had earlier, through a memo issued on April 30, 2024, directed all non-individuals on the Agent Banking Authorization to immediately take steps to register their businesses with the CAC.

The directive made it mandatory for Point of Sale (PoS) terminals whether as AGENT, MERCHANT or INDIVIDUAL to register with CAC before commencement of business.

The Registrar-General therefore enjoined the banks to ensure maximum compliance with the requirement.

This means that the Federal Government has given an express directive to mobile money otherwise known as Point of Sale (PoS)' operators to get registered with the Corporate Affair Commission, CAC, or risk arrests and prosecution. They should comply with the directive before the 7th July, 2024 deadline.

Get Your Business registered with Explicit Consult PB in less than 7working days at N15,999 only.