“Mobile money and bank agent, Fasasi Atanda, has raised concerns over the feasibility of the deadline set by the Corporate Affairs Commission (CAC) for registering point of sale (PoS) terminals. Speaking in an interview in Lagos on Tuesday, Mr. Atanda highlighted the challenges faced by business owners attempting to register due to the slow performance of the CAC portal, which often experiences heavy traffic, causing delays of up to three to four days just to access the portal.
Atanda emphasized the importance of ensuring that business owners are fully committed to the registration process, considering the requirements and subsequent developments that follow. He also mentioned that some PoS operators are considering legal action against the CAC regarding the mandatory registration requirements.
On May 6, the CAC, in collaboration with financial technology (fintech) companies, agreed on a two-month timeline to register agents, merchants, and individuals with the commission. The deadline for registration is set for July 7, backed by section 863 (1) of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 Central Bank of Nigeria (CBN) guidelines on agent banking.”