The Central Bank of Nigeria (CBN) has issued a resolute 7-day ultimatum for all Point of Sales (PoS) operators to complete their registration with the Corporate Affairs Corporation (CAC).
At a critical meeting involving Fintech representatives and the Registrar-General/Chief Executive Officer (CAC), Hussaini Magaji (SAN), the need to follow legal protocols and adhere to CBN directives was emphasized. Magaji, who has been leading efforts to enforce regulatory compliance within the Fintech sector, expressed the crucial importance of these measures to safeguard the interests of Fintech customers and the health of the Nigerian economy.
“This timeline is in line with legal requirements and the directives of the Central Bank of Nigeria,” stated Magaji, underlining the concerted efforts to strengthen the Fintech industry through comprehensive registration of agents, merchants, and individuals with the commission.
To buttress the rationale for the directive, Magaji invoked Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on agent banking. Emphasizing that the registration period, slated to end on July 7, 2024, is intended to protect the overall integrity of Fintech businesses rather than individual entities, Magaji stressed the necessity of such measures to uphold legal compliance and maintain stability in the sector.
The industry leaders from numerous Fintech companies pledged to cooperate with the commission to guarantee the successful execution of the registration process. Noting the value of such measures, the leaders underscored the critical need for comprehensive awareness campaigns to ensure that all PoS operators receive clear guidance on the requirements and benefits of registration.
Stressing the importance of establishing strong partnerships between regulatory bodies and industry stakeholders, the Fintech leaders emphasized that active and transparent communication is the key to realizing the full potential of this registration initiative.
Speaking as a united front, the leaders highlighted the need to foster a collaborative spirit that would promote shared understanding, encourage effective implementation of policies, and ultimately enhance the security and sustainability of the Fintech sector. They recognized that successful implementation of this directive would require a concerted effort on the part of all actors involved.
Echoing the perspective of government officials, Tokoni Peter, Special Adviser to the President on ICT Development and Innovation, conveyed the administration’s unwavering support for the registration initiative as part of its broader Renewed Hope Initiative. This commitment was further underscored by the presence and active involvement of key Fintech players including Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay, all of whom signed documentation to formalize their support for the drive.