Agent Banking: CAC orders Banks to ensure compliance with CBN directive on PoS operators,others ……. Sets July 7 as deadline for registration

The Corporate Affairs Commission (CAC) has instructed banks to ensure registration of their customers in the agent banking platform on or before July 7, 2024.


In a letter to all affected banks, the Registrar-General/CEO, CAC Hussaini Ishaq Magaji said the instruction was in line with Section 863(1) of CAMA and the CBN guidelines for Agent Banking, 2013.


The Central Bank of Nigeria (CBN) had earlier, through a memo issued on April 30, 2024, directed all non-individuals on the Agent Banking Authorization to immediately take steps to register their businesses with the CAC in line with Section 863 of the Companies and Allied Matters Act (CAMA) 2020.


The directive made it mandatory for Point of Sale (PoS) terminals whether as AGENT, MERCHANT or INDIVIDUAL to register with CAC before commencement of business.


The Registrar-General therefore enjoined the banks to ensure maximum compliance with the requirements of the law to ensure economic growth.

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