CAC Extends Deadline For PoS Operators By 60days To Register Businesses

CAC Extends Deadline For PoS Operators By 60days To Register Businesses

2 weeks ago
1 min read

CAC Extends Registration Deadline

The Corporate Affairs Commission (CAC) has announced an extension of the registration deadline for Point of Sales (PoS) operators in Nigeria.

Originally set for July 7, 2024, the new deadline is now September 5, 2024. This extension is intended to provide additional time for operators, particularly those in remote areas, to complete their registration processes.

Extension Due to Network Challenges

“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 sixty days beginning from 7th July 2024 to the 5th September 2024,” the CAC stated in a recent announcement.

The commission highlighted that the extension was necessary to address network challenges faced by operators in remote areas.

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

Consequences for Non-Compliance

Despite the extension, the CAC has warned operators about the consequences of failing to meet the new deadline. “Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities,” the CAC disclosed.

READ ALSO: CAC Registration: Mixed Reactions Among PoS Agents As Police Plan Arrest Of Illegal Operators

The commission emphasised the importance of compliance and encouraged all PoS operators to take advantage of the extended deadline to complete their registration.

Government Support and Simplification Efforts

The Lagos State Governor, Mr. Babajide Sanwo-Olu, recently appealed to the CAC to simplify the registration process following numerous complaints from operators.

During a courtesy call by the Registrar-General of the CAC, Mr. Hussaini Magaji, at Alausa, Ikeja, the Governor, represented by his Deputy, Dr. Obafemi Hamzat, suggested adopting a model similar to the state tax card system.

“The state tax card model provides a database for the government to manage infrastructure needs without burdening businesses,” said Dr. Hamzat. He also emphasized the state government’s willingness to collaborate with the CAC to ensure a seamless registration process.

Need for Increased Sensitization

Dr. Hamzat also pointed out the need for increased sensitization to correct the perception that registering with the CAC is difficult.

“We need to do more sensitization to change the perception that registering with the CAC is a difficult process,” he stated.

Final Call to Action

As the new deadline approaches, the CAC is urging all PoS operators to ensure they complete their registration by September 5, 2024.

The commission is committed to supporting operators throughout the process and ensuring that all businesses are properly registered and compliant with regulations.

In summary, the CAC’s decision to extend the registration deadline reflects its commitment to accommodating the needs of PoS operators across Nigeria. By addressing network challenges and simplifying the registration process, the CAC aims to facilitate compliance and support the growth of the fintech sector.

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Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

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