The Corporate Affairs Commission (CAC) has warned Point of Sale (POS) operators in the Fintech sector and threatened to shut down those who fail to register their businesses.
In a statement on Friday,the CAC noted that the 60-day deadline for registration, which expired on September 5, 2024, has not been met by many operators.
Commending those who have taken steps to register, the CAC said that non-compliance will not be tolerated.
The commission urged operators to comply immediately to avoid penalties, warning that enforcement is imminent.
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 commission’s 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.”
