CAC attending to over 15,000 applications daily for its fintech regularisation program

The commission stated in a public notice on ease of doing business while disregarding misleading claims made in the media about its services with respect to name search availability. It noted that the reports were false and aimed at discrediting the image of the organisation.  

On its effort to regularise the fintech and agent banking industry, the commission stated that its approving officers are treating each application based on its merit.  

Furthermore, the commission noted that it has granted APIs and created a special registration portal to fintechs for them to register their agents, merchants and other individuals using their platforms.  

In May, the Registrar-General of the CAC, Hussaini Magaji, stated that Point of Sales (PoS) agents of major fintech companies in Nigeria, including OPay, Palmpay, and Moniepoint, must register their businesses by July 7, 2024.  

However, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) claims that the recent mandate for PoS operators to register is an attempt to increase taxation for revenue generation.  

Although, the CAC stated that the registration timeline was agreed upon with representatives of the PoS agents. However, reports indicate that some PoS operators, particularly in the Federal Capital Territory (FCT), are dissatisfied with the CAC’s registration directive.