See new date for AMMBAN, CAC case over PoS registration

• The Federal High Court in Ikoyi, Lagos, has issued a ruling on a case filed by the Association of Mobile Money and Bank Agents in Nigeria
• AMMBAN had dragged the Corporate Affairs Commission (CAC) to court, demanding the reversal of the PoS registration directive
• Fasasi Atanda, the national president of AMMBAN, reacted to CAC's subsequent decision following the court ruling in a chat with Legit.ng

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Federal High Court in Ikoyi, Lagos, has adjourned the case brought by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) against the Corporate Affairs Commission (CAC) on PoS registration.

The case, which was scheduled for Friday, July 5, 2024, was postponed by Justice Ogazi to October 15, 2024.

Court sets new date for POS registration hearing Photo credit: Bloomberg/contributor
Source: Getty Images

In his ruling, Justice Ogaz cited the law of Karma, stating that the defendant (CAC) should have been provided a 30-day pre-action notice before the final determination of the matter.

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The CAC had previously issued a directive requiring all POS operators to register with the Commission before July 7, threatening enforcement action against those who failed to comply.

This directive prompted AMMBAN to seek an interpretation of Section 863 of the Companies and Allied Matters Act (CAMA) 2020.

CAC extends POS registration deadline

Amid ongoing legal battles, the Corporate Affairs Commission (CAC) has extended the deadline for Point of Sale (PoS) operators to register their businesses.

In a message shared on its x account, CAC said:

CAC said:

T"he Corporate Affairs Commission (CAC) wishes to notify Fintech Operators, also known as Point of Sales Operators, that the initial deadline of July 7, 2024, for the registration of sole Agents, Super Agents, and Agents has been extended by sixty days, now ending on September 5, 2024."This extension is to provide sufficient time for operators, particularly those in remote areas who may have encountered network challenges, to register and continue their businesses."Operators who fail or refuse to register by the new deadline risk losing their businesses and facing prosecution for aiding and abetting criminal activities."

Reactions to CAC extension

Reacting to the extension, Fasasi Sarafadeen Atanda, the national president of AMMBAN), said the CAC is only trying to shift the post.

He said:

"CAC is tactically obeyed principle of maintaining status quo when litigation is ongoing."

Also, AMMBAN's lawyer, Barrister Samuel Umesi, said:

" The CAC has failed to appear in court three times since the matter was mentioned."

PoS operators announce new withdrawal charges

Earlier, Legit.ng reported that PoS operators hiked charges to over 100% following persistent cash scarcity.

Check showed that the PoS operators, which served as a last resort for cash-strapped Nigerians, increased their fees to N400 for every N10,000 withdrawal instead of the N200 they previously charged.

The situation is worse in some states, especially in Lagos, where most ATMs are dry or customers form long queues to withdraw.

Source: Legit.ng