The Corporate Affairs Commission (CAC) has warned that point of sale (POS) operators could be shut down for failing to register their businesses before the deadline.
On May 6, the CAC and financial technology (fintech) companies agreed to a two-month timeline for registering agents and merchants. The initial deadline was set for July 7, but the CAC extended it to September 5 to give sole agents, super agents, and operators more time to comply.
However, after the deadline passed, the CAC expressed disappointment at the low compliance rate. Many operators did not register their businesses as required.
In a statement on Friday, the agency emphasized that those who failed to follow the directive would face legal action.
“The Corporate Affairs Commission reminds the public, particularly Fintech operators (POS operators), that the 60-day registration deadline from the July 7, 2024, newspaper publication expired on September 5, 2024,” the statement read.
The CAC acknowledged the efforts of those who registered but criticized operators who ignored the directive, suggesting that some might be involved in questionable activities.
The agency announced that it is working with law enforcement to enforce the regulations, which may include shutting down non-compliant businesses and imposing other legal penalties.
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