By Utebor Paul, Nigeria
The Corporate Affairs Commission (CAC) has reminded the public, especially the Point of Sale (POS), and other operators in the fintech sector, that the 60-day deadline for the registration of businesses, which was published in a newspaper on 7th July 2024, has expired on 5th September 2024.
This was contained in a press release signed by its management on Friday, 6th of September 2024.
The Commission expressed concern over the low compliance rate, especially considering the large number of POS operators in the country. While commending those who have adhered to the directive, the CAC urged defaulting operators to formalize their businesses.
The commission noted that non-compliance may be due to operators engaging in “unwholesome activities” or for reasons best known to them.
The Commission warned that it is working closely with law enforcement agencies and relevant stakeholders to implement a robust enforcement and sanctioning framework, which may lead to the shutdown of non-compliant businesses and other severe legal consequences.
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