The Corporate Affairs Commission (CAC) has launched a dedicated centre for the bulk registration of point-of-sale (PoS) operators into its database. The new facility, stationed at the CAC’s Federal Capital Territory Office in Abuja, was inaugurated on Wednesday by the Registrar-General, Hussaini Magaji.
Magaji emphasised the significance of registering PoS operators in the commission’s database, stating that the centre is well-equipped to operate around the clock and ensure the efficient achievement of its purpose.
“We have accommodated the request from the fintech companies,” Magaji explained. “We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we have granted them access. Once they supply the necessary details for registration on their platform, the certificate is automatically generated and transmitted directly to their platform without the need for further contact.”
Magaji further clarified that for those who prefer manual application, a dedicated secretariat has been established to facilitate the process seamlessly.
The Federal Government, through the CAC, recently issued a two-month registration deadline for PoS companies to register their agents, merchants, and individuals with the commission, in line with legal requirements and directives from the Central Bank of Nigeria.
During the event, the Registrar-General reiterated that the centre would be open to all operators in the fintech industry who voluntarily submit their agents and merchants for regularisation with the CAC.
Magaji stated that the registration initiative aligns with President Bola Tinubu’s commitment to promoting financial inclusion for the youth and strengthening the fight against fraud, financial crimes, and other offences in the country. He expressed his resolve to ensure compliance with Section 863(1) of the Companies and Allied Matters Act (CAMA) 2020 and the CBN’s guidelines for Agent Banking, 2013.
Addressing security concerns, the CAC boss emphasised that if a crime were committed using a PoS machine, the government would easily trace the perpetrators through the CAC data platform, provided such machines are registered. “If an incident occurs and it is reported to the CAC, without the operator’s details, we cannot respond effectively, and that is the essence of this registration,” he said.
Magaji further noted that the registration process ensures that comprehensive details of the individuals, including their National Identification Number (NIN), passport photographs, and other relevant documents, are captured, presenting an opportunity to bring more people into the formal sector.
The event was attended by notable figures, including Tokoni Peter, the Special Adviser to the President on ICT Development and Innovation, Dr. Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, PoS operators, and other stakeholders.