The Corporate Affairs Commission (CAC) has initiated measures to enforce compliance among Point of Sales (PoS) businesses that have not adhered to its registration requirements by the September 5 deadline. This announcement was made in a public notice issued on Friday.
The CAC expressed concern over the insufficient compliance rates with its registration directive and warned that businesses failing to register could be involved in illicit operations. The Commission’s action underscores its commitment to regulating the sector and ensuring that all businesses operate within the legal framework.
In response to the CAC’s directive, members of the fintech sector, represented by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), have taken legal action against the Commission. They argue that the compulsory registration mandate is unlawful and have sought judicial intervention to challenge the CAC’s authority and the legality of the registration requirement.
