The Corporate Affairs Commission (CAC) has announced that it will start shutting down Point of Sale (PoS) businesses that did not register by the September 5 deadline. The CAC released a notice stating that many businesses failed to comply with the registration requirement and may be involved in illegal activities.
The notice highlights that the CAC had given a 60-day deadline starting from July 7, 2024, for PoS operators to register. With the deadline now passed, the CAC is considering severe actions, including shutting down non-compliant businesses, in collaboration with law enforcement.
Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has challenged this registration requirement in court, arguing that it is illegal.