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HomeNewsOperating PoS Without Registration Is Criminal - CAC Warns

Operating PoS Without Registration Is Criminal – CAC Warns

Hussaini Magaji, the Registrar General of the Corporate Affairs Commission (CAC), has announced a stringent directive for all financial technology operators, particularly those dealing with Point of Sale (PoS) machines, to complete their registration with the CAC by July 7, 2024. This announcement was made at the inauguration of a new registration center for Fintech agents and merchants in Abuja.

Magaji highlighted that operating PoS terminals without proper CAC registration is illegal under Nigerian law, as per guidelines from the Central Bank of Nigeria (CBN). He warned that any unregistered activity could lead to legal actions, including imprisonment, underlining the government’s commitment to enforce the Companies and Allied Matters Act (CAMA).

Despite originally planning to impose a fine of N200 on unregistered operators, the CAC, following the President’s directive to support small businesses, has opted against imposing penalties. Instead, it has launched an awareness campaign since December, culminating in the set deadline for compliance to encourage all PoS operators to register.

Magaji emphasized the importance of this registration, noting its potential to reduce criminal activities facilitated through PoS

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