The Corporate Affairs Commission (CAC) has graciously extended the registration deadline for all Point of Sale (PoS) operators by an additional sixty days.
This extension, which begins on July 7, 2024, and runs until September 5, 2024, is apparently aimed at accommodating operators in remote areas who might have faced network issues during the initial registration period. One wonders if this extension is a response to legitimate concerns or just another case of bureaucratic inefficiency.
Initially, the CAC had set a firm deadline of July 7, 2024, announced back in May. But, in a statement posted on its X handle on Sunday, the Commission noted the new September deadline. The question remains, will this extension genuinely help those struggling with network issues, or is it merely a way to buy more time for an already sluggish process?
What They Are saying
“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales (PoS) Operators that the initial deadline of 7th July, 2024, given for the registration of sole Agents, Super Agents, and Agents has been extended for a period of sixty days beginning from 7th July, 2024, to 5th September 2024,” the statement read. How magnanimous of them!
The Commission did, however, issue a stern warning: operators who fail to register by the end of the extended deadline risk losing their businesses and facing prosecution for aiding and abetting criminal activities. One might ask, why the sudden concern about criminal activities? Has the CAC just realized the potential for misuse, or is this a convenient excuse to tighten the reins on a largely unregulated sector?
Back in May, CAC’s Registrar-General/Chief Executive Officer, Hussaini Magaji (SAN), emphasized that the registration timeline was “in line with legal requirements and the directives of the Central Bank of Nigeria.” He pointed out that the mandate is backed by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, and the 2013 CBN guidelines on agent banking. It’s almost as if the legal backing is an afterthought rather than a guiding principle.
Why It Matters
This extension might seem like a benevolent gesture to support small business operators, especially those in remote areas. However, the real issue lies in the systemic problems that make such extensions necessary in the first place. Network challenges and bureaucratic hurdles are commonplace, yet solutions seem perpetually out of reach.
As we approach the new September deadline, the focus should be on addressing these underlying issues rather than merely postponing deadlines. It’s time for the CAC to streamline its processes, improve network infrastructure, and ensure that registration procedures are accessible to all operators, regardless of their location.
Bottom Line
For now, PoS operators have a brief reprieve, but the clock is ticking. The extended deadline is a temporary fix to a much larger problem. If the CAC is serious about aiding small businesses and promoting transparency, it needs to back up its deadlines with real, actionable support. Until then, this extension feels more like a band-aid on a festering wound than a genuine effort to support Nigeria’s fintech ecosystem.
