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The Nigerian government has issued a directive to all point-of-sale (POS) operators in the country.
They have been instructed to register their businesses with the Corporate Affairs Commission within two months, in line with the requirements set by the Central Bank of Nigeria.
This decision was made following a meeting between Fintechs and the Registrar-General of the Corporate Affairs Commission, Hussaini Ishaq Magaji, in Abuja.
The Commission has stated that this action is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, as well as the 2013 guidelines on agent banking issued by the Central Bank of Nigeria.
Magaji emphasized that the registration timeline, which ends on July 7, 2024, is not aimed at targeting any specific groups or individuals, but rather serves the genuine purpose of protecting businesses.
“The Corporate Affairs Commission and fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.
“The Corporate Affairs Commission and fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.
“The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja,” the statement reads.
The Nigeria Inter-Bank Settlement System has reported that more than 1.9 million PoS terminals are being utilized by merchants and individuals across the country.
This occurrence coincides with the alarming increase in fraud within Nigeria’s financial sector. According to a recent report from NIBSS, fraud in the financial industry has risen by an astonishing 496.96 percent between 2019 and 2023, which correlates with the growing prevalence of electronic payments.
The Government of President Bola Tinubu has announced a plan to distribute 42,000 metric tons of cereals across the country beginning next week.
The aim is to alleviate the suffering of Nigerians who are currently undergoing serious hardship and hunger.
Governor Mohammed Bago of Niger State announced this on Thursday after meeting with Minister of Agriculture and Food Security Abubakar Kyari in Abuja.
The governor suggested that the North Central State would serve as a pilot state before other states joined.
He said:
“We are here to discuss with the Minister of Agriculture and Food Security with respect to the visit of Mr President to Niger State as regards the commissioning of the mechanisation process that they have been able to provide for agriculture.
“We also discussed the palliatives from the Federal Government in terms of food distribution from all the grain reserves that we have across the country using Niger State as a pilot in the North-Central so that it can commence in earnest.
“The distribution will commence by next week; what we are saying is that Niger State has provided itself as a pilot state in terms of giving the dividends of democracy with respect to agriculture, and as such, our sister states are coming on board.”
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