CAC noted inadequate compliance with the directive, despite the large number of POS operators in the country.
The Corporate Affairs Commission (CAC) has reminded Point of Sale (POS) operators in Fintech sector, that the 60-day deadline for business registration expired on September 5, 2024.
The initial notice was published on July 7, 2024, urging operators to formalise their businesses.
In a statement on Friday, the CAC noted inadequate compliance with the directive, despite the large number of POS operators in the country. It praised those who have taken steps to register, recognising their positive approach to the formalisation process.
However, many operators have ignored the call for registration, possibly due to unwholesome activities or reasons unknown. The CAC emphasised that non-compliance would not be tolerated.
To address this, the Commission is working with law enforcement agencies and other stakeholders to deploy an enforcement and sanction framework.
It noted that non-compliant businesses may face shutdowns and severe legal consequences.
The CAC urged operators to comply immediately to avoid penalties, warning that enforcement is imminent.
Signed by the Commission’s management on September 6, 2024, the notice stressed the importance of adhering to national business regulations to avoid harsh repercussions.
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 days deadline given in daily newspaper publications of July 7 2024, for the registration of such businesses expired on September 5, 2024.
“The Commission notes inadequate compliance with the directive for formalization when viewed from the background of the large number of POS operators in the country. Those that have taken steps to formalize in line with Commissions directive are commended for their positive attitudes.
“Recalcitrant operators have refused to adhere to the advice ice 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 and sanction framework that may include not only possible shutdown but other severe legal Consequences.”
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