PoS operators’ union vows to sue CAC over mandatory registration
Oluwasegun Elegbede, the national general secretary of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), has revealed the intention of the body to challenge the Corporate Affairs Commission, CAC, regarding the mandatory registration of Point of Sale agents.
The Central Bank of Nigeria, CBN, had directed the agents to register their businesses, in line with the provisions of the Company and Allied Matters Act, CAMA. The CAC, following the order, had set July 7 as the deadline for the operators to comply with its orders and directed the police to arrest defaulters.
In a story published by TheCable, Elegbede said that the body advised its members to ascertain their status, either as a non-individual or individual-owning business. As he argued, the CAMA mandates non-individuals to register under the law, while individual ownership is exempted.
“For CAC, when they said all PoS agents should… but as an individual agent, you are not requested to register with CAC if you are using your name.
“In CAMA, only a non-individual agent is required to register with CAC. For example, if your name is John Doe, you are not liable for CAC registration and you can get the reference from CAMA 2022, section 18 (2).”
“A provision store operating as ‘Iya Seun’ store, not registered, is not bound by the law to go and register their business so long they are not a business name. Same with our kind of business, and that is our position,” Oluwasegun said.
He also clarified that the body is not confronting the CBN but it is only testing the law.
