The Corporate Affairs Commission, has emphasized on shutting down point of sale (POS) operators, over refusal to register their businesses before the September 5, deadline date.
Recall that on May 6, the CAC and financial technology (fintechs) companies had agreed to a two-month timeline to register their agents and merchants.
The commission issued a deadline of July 7 for the exercise, which was later extended to September 5.
Advertisement
In a statement released on Friday, CAC expressed concerns over inadequate compliance with the directive, despite the large number of PoS operators in the country.
The commission commended operators who have taken steps to formalize their businesses, praising their positive attitudes towards compliance.
The statement reads: “The Corporate Affairs Commission wishes to remind the general public, particularly Fintech operators, also known as Point of Sale (POS) operators, that the 60 day deadline given in 60-day newspaper publications of July 7 2024, for the registration of such businesses expired on September 5, 2024.
READ MORE: CAC Extends POS Registration Deadline To September 5
“The commission notes inadequate compliance with the directive for formalization when viewed from the background of a large number of POS operators in the country.
“Those that have taken steps to formalize in line with the Commission’s directive are commended for their positive attitudes.
“Operators have refused to adhere to the advice for formalization due possibly, to engagements in unwholesome activities or for some reasons best known to them.
“We are to make it clear that the commission is working with law enforcement agencies and other relevant stakeholders to deploy comprehensive enforcement.”
