Breaking News: CAC Extends-Deadline For PoS-Registration (Details)

Breaking News: CAC Extends-Deadline For PoS-Registration (Details)

The Corporate Affairs Commission (CAC) has extended the registration deadline for all Point of Sale (PoS) Operators by an additional sixty days to accommodate those who faced technical difficulties during the initial registration period. Naija News reports that the commission had previously set the deadline for July 7, 2024.

In a message posted by the commission’s management on its X handle on Sunday, the new registration deadline was announced as September 5, 2024.

“The Corporate Affairs Commission wishes to notify Fintech Operators, also known as Point of Sales (PoS) Operators, that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents, and Agents has been extended for a period of sixty days beginning from 7th July 2024 to the 5th September 2024.

“This extension is to give sufficient time to Operators, particularly those in remote areas who might have encountered network challenges, to register and continue their businesses,” the commission’s statement reads.

The commission warned that Operators who fail to register by the extended deadline may face the risk of losing their businesses and potential prosecution for aiding criminal activities.

How PoS Registration Will Checkmate Kidnapping, Criminals – CAC

Meanwhile, the Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, revealed on Wednesday, May 8, that the Nigerian government has mandated Point of Sale (PoS) providers to register with the commission to combat criminal activities.

He noted that criminals are increasingly using PoS machines to extort money from their victims. The registration aims to enable the government to track kidnappers, criminals, and one-chance operators causing distress among Nigerians.

The Registrar-General announced this during the official launch of the Fintech registration agents and merchants in Abuja, stating that the commission is training its staff to operate 24/7 to meet the high demand for registration.

Magaji explained, “This training is to equip the trainers to work round the clock, not just office hours, which means they can work from home since they have all the facilities they need. The registration for PoS operators is still ongoing; it will close by the 7th of July 2024. No matter what business you operate in Nigeria today, you are under the law of Nigeria to ensure your business is registered with the CAC.

“We assume that in that 60 days, all PoS operators must have registered their businesses. This must be done in their interest; again, if a business or an individual has been using a PoS machine without registration, just know that from the day you acquired that PoS, you are being charged N200 daily, so the day you come for registration your payment for the machine will be backdated to the day you started using it.

“In most banks presently, there are PoS machines which are not registered and not attracting any charges, even though they are in the bank, they should be registered and charges met like any other PoS on the street. After the deadline of 60 days without registration, they will be termed as criminals.