The Corporate Affairs Commission (CAC) says point of sale (POS) operators are at risk of being shut down for refusing to register their businesses before the deadline.
On May 6, the CAC and financial technology (fintechs) companies had agreed to a two-month timeline to register their agents and merchants.
The commission issued a deadline of July 7 for the exercise. CAC, on July 7, extended the registration deadline to September 5.
The 60-day extension was to allow sole agents, super agents, and agents, to register.
The commission said those who refused to comply with the directive would face the law.
“The Corporate Affairs Commission wishes to remind the general public, particularly Fintech operators, also known as Point of Sale (POS) operators, that the 60 day deadline given in 60-day newspaper publications of July 7 2024, for the registration of such businesses expired on September 5, 2024,” the agency said.
“Those that have taken steps to formalize in line with the Commission’s directive are commended for their positive attitudes.”
The agency said recalcitrant operators “have refused to adhere to the advice 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,” CAC added.
