The action is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, as well as the 2013 CBN guidelines on agent banking

The Corporate Affairs Commission on Monday mandated all Point of Sales (PoS) agents of major financial technology companies in Nigeria to register their businesses.

The Registrar-General of the CAC, Hussaini Magaji, disclosed this in a statement released by the commission, stating that it was agreed upon with the PoS operators during a meeting in Abuja.

He emphasised that the registration process aligns with both legal requirements and the directives of the Central Bank of Nigeria (CBN).

Mr Magaji clarified that the registration timeline was not intended to target specific groups or individuals but was genuinely aimed at safeguarding businesses.

"Hussaini Magaji, therefore, said that the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at providing protection for businesses," the statement said.

According to him, the action is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.

Tokoni Peter, the special adviser to President Bola Tinubu on ICT development and innovation, expressed willingness to facilitate the process smoothly in alignment with the Renewed Hope Initiative of the current administration.

The statement also highlighted that several speakers from the fintech industry vowed to cooperate with the commission to ensure the directive's seamless implementation.