How to register your PoS business with the CAC as the deadline approaches

• The Nigerian government, via the Corporate Affairs Commission (CAC), has given July 7, 2024, as the deadline for PoS operators to register their businesses
• The agency also mandated digital payment platforms such as Opay, PalmPay, and Moniepoint to submit their operators’ certificates
• The CAC disclosed that it has simplified the process by creating a dedicated portal for businesses to self-register their operations

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

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.

PoS operators get the July 7, 2024 deadline to register with CAC Credit: Bloomberg / Contributor
Source: Getty Images

Opay, PalmPay issue deadline for registration 

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.

Account creation

Business owners must have an account with the CAC before registering or managing their business names or companies. 

PoS operators can visit the portal:[https://pre.cac.gov.ng/register/new] and click Register.

Business Name Selection

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.

Take the following steps:

Visit the CAC’s website, [cac.gov.ng], Scroll down the site and click on “Public Search”, insert the full name of the company in the search box, and click “Search”

Name reservation

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 driver’s license.

Important documents

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.

Other documents include:

• A statutory declaration of compliance by a legal practitioner.
• The name and address of the company.
• The address of the principal business office.
• Filing with the Federal Inland Revenue Service (FIRS) for tax.

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.

PalmPay sends message to customers

Legit.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.

Source: Legit.ng