As part of plans to improve transparency and reduce fraud in the financial space, the Corporate Affairs Commission (CAC) has given Nigeria’s 1.9 million PoS agents a deadline of two months to onboard and register its agents and merchants with the commission. 

 The CAC announcement is coming on the heels of the CBN directives to Fintechs like Moniepoint, OPay, and PalmPay to cease the onboarding of new members.

The Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji, SAN, gave the directive when he met with some fintech companies, in Abuja yesterday where the agreement was reached, saying the measure aims at safeguarding the businesses of fintech customers and strengthening the economy.

Magaji stated that the move complies with “Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 Central Bank of Nigeria’s guidelines on agent banking."

Also speaking, the Special Adviser to President on ICT Development and Innovation,  Tokoni Peter  Pledged to ensure the smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.

Present at the meeting were representatives of fintech companies, including Opay, Momba, Palm Pay, Moniepoint, Paystack, among others.