The Corporate Affairs Commission (CAC) has mandated PoS operators register their businesses before July 7, 2024.
The commission disclosed that the move is to harmonize the operators’ businesses in Nigeria.
However, some operators have expressed frustration with registering their businesses with the commission, stating that the move is cumbersome and involves a lot of paperwork.
Also, digital payment platforms such as PalmPay, Opay, Moniepoint, and others have issued deadlines for PoS operators to submit their CAC certificates or have their accounts frozen.
In line with the directives of the Central Bank of Nigeria (CBN) policy, the CAC asked business owners to register their businesses before the due date.
According to reports, the agency disclosed that it recently introduced a particular registration portal to ease the process and that it can be completed in 24 hours.
Additionally, CAC listed the steps for registering your POS business.
Business owners must have an account with the CAC before registering or managing their business names or companies.Â
PoS operators can visit the portal: [https://pre.cac.gov.ng/register/new] and click Register.
Business owners must have a unique business name, as the commission might reject existing names in its database.
Before submitting your name, it is advisable to do a name search to avoid duplication.
Visit the CACâs website, [cac.gov.ng], Scroll down the site and click on âPublic Searchâ, insert the full name of the company in the search box, and click âSearchâ
Business owners can also reserve their intended business names. They would be charged N500 for name reservation, N5,000 for restricted words, and N10,000 for CTC of Registration Documents, excluding other charges.
Prospective business owners must provide details such as name, address, and proposed business activities. They will need digital copies of documents and valid identification such as a voter’s card, passport, NIN, and driverâs license.
Business owners must upload Form CACC 1, reservation and availability of name, name, and addresses of the parties incorporating the company, two recent passport photographs of every director, and authentic means of identification.
After uploading the critical document, business owners would be required to pay to receive electronic certification and certified extract registration would be issued at the end of the process, which would last three to five working days.
TimesNow.com.ng earlier reported that PalmPay has asked customers to update their Know Your Customer (KYC) ahead of the Central Bank of Nigeria’s (CBN) January 31, 2024 deadline directing fintech company users to upgrade their wallets.
About three million bank accounts may be blocked as the deadline for all bank accounts to have a Bank Verification Number (BVN) or National Identity Number (NIN) draws close.
The CBN, on December 1, 2023, issued a circular to all commercial, merchant, non-interest, payment service banks, financial institutions, and mobile money operators, asking that the BVN or NIN attached to and associated with all accounts and wallets be electronically revalidated by January 31, 2024.
