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  • News - South West - Lagos
  • Updated: May 21, 2024

CAC registration deadline unrealistic — PoS Operator

CAC registration deadline unrealistic — PoS Operator

Fasasi Atanda, a mobile money and bank agent, has criticized the deadline set for registering point of sale, POS, terminals with the Corporate Affairs Commission, CAC, calling it unrealistic.

Atanda expressed his concerns during an interview with the News Agency of Nigeria on Tuesday in Lagos.

“Currently, the CAC portal is very slow because of traffic. It takes up to three to four days for someone to even access the portal. For association, we engage an agent that is doing the registration,” he said.

According to him, everyone can register and business owners need to be sure they want to register because of the requirements and some developments that would come after the registration.

PoS operators had revealed plans to sue the CAC over mandatory registration requirements.

On May 6, CAC and financial technology (fintechs) companies agreed to a two-month timeline to register their agents, merchants, and individuals with the commission.

CAC said the deadline for registration is set for July 7.

According to the commission, the action is backed by section 863 (1) of the Companies and Allied Matters Act 2020, as well as the 2013 Central Bank of Nigeria guidelines on agent banking. 

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