CAC commissions ‘Dedicated Centre’ over Self-Service Portal for 2M PoS Registration

On Wednesday, Nigeria’s Corporate Affairs Commission (CAC) announced the commission of a centre within its  FCT Zone 5 Office in Abuja.

This was disclosed on CAC’s official X (formerly Twitter) handle, stating it had commissioned a ‘Dedicated Centre for Bulk Registration of PoS Operators’ under Fintechs.

To recall, the Registrar-General/CEO, Hussaini Ishaq Magaji, SAN, who flagged off the opening of the Centre, had earlier released a statement mandating Point-of-Sale (POS) terminals, including agents, merchants, or individuals, to register with CAC on or before July 7th, 2024, before commencing business.

The mandatory registration follows the letter the Central Bank of Nigeria issued on April 30, 2024, which directs “all non-individuals” on the Agent Banking Authorisation to register with CAC on or before July 7, 2024.

However, the commission, CAC, has opted for part of the Zone 5 Facility in Abuja to be dedicated to the registration project signed with Fintech companies, including Opay, Momba, PalmpayLTD, Paystack, FairmoneyMFB, Moniepoint, and Teasy Pay.

It is fully equipped with state-of-the-art equipment to handle the project, says CAC’s CEO, Magaji at the opening ceremony.

Magaji also stressed that the centre was to facilitate all requests from operators in the fintech industry that voluntarily submitted their agents and merchants for regularisation with the CAC while assuring that registration will be conducted 24 hours a day.

SA to the President on ICT Development and Innovation, Tokoni Igoin Peter and Dr. Salihu Dasuki, SA to Office of the Vice President on ICT Policy, who were also present at the commissioning.

Meanwhile, the dedicated centre only requires all PoS merchants across the country to visit Abuja for registration when a publicly accessible self-service registration portal allows for convenience.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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