The Corporate Affairs Commission (CAC) has extended the registration deadline for Point of Sales (POS) operators in Nigeria by 60 days, giving them until September 5, 2024, to register their businesses.
POLITICS NIGERIA reports that the initial deadline was July 7, 2024.
The extension was announced via a statement issued on Saturday.
The statement says any operator who fails to meet the new deadline will face prosecution and risk losing their business.
The CAC stated that the extension is to give sufficient time to operators, especially those in remote areas who may have encountered network challenges, to register and continue with their businesses.
Since the deadline was announced in May, some POS operators have been complaining about difficulties in getting their registration done on the Commission’s portal.
This prompted Lagos State Governor, Mr. Babajide Sanwo-Olu, to appeal to the Commission to simplify the process.
The Governor suggested that the CAC could adopt a model similar to the state tax card, which provided a database for the government to manage infrastructure needs without burdening businesses.
The registration is aimed at safeguarding the businesses of fintechs and customers, as well as strengthening the economy, in line with the legal requirements and directives of the Central Bank of Nigeria (CBN).
