FRI SEPT 06 2024-theGBJournal| Several Fintech operators, also known as Point of Sale (POS) operators across the country face the risk of being shutdown by the Corporate Affairs Commission (CAC) for failure to comply with the registration requirements issued by the Commission.
The 60-day deadline issued by the CAC on July 7, 2024 for the registration of such businesses expired on September 5, 2024.
The CAC in a statement today said it notes inadequate compliance with the directive for formalization when viewed from the background of the large number of POS operators in the country.
According to the CAC, ”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.”
Consequently, the Commission says it has begun work with law enforcement agencies and other relevant stakeholders to deploy comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal consequences.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
