Palmpay sends message to customers With a few days left to the deadline,
Palmpay, one of the fintech companies, has instructed POS operators in its network to comply with the directives. According to Umuteme Enakeno, head of marketing and communication at PalmPay, failure to comply will result in accounts being frozen after the deadline. Read more: https://www.legit.ng/business-economy/1599409-palmpay-fintech-set-block-pos-operators-accounts
CAC’s POS registration directive Legit.ng earlier reported that the Central Bank of Nigeria, in a memo issued on April 30, 2024, directed all non-individuals on the agent banking authorisation to immediately take steps to register their businesses with the CAC in line with Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
The directive made it mandatory for PoS terminals, whether agents, merchants, or individuals, to register with CAC before the commencement of business. Following up on the CBN announcement, CAC released a statement titled ‘‘Enforcement of Compliance with CBN Directive on Registration Before Onboarding” demanding that banks ensure registration on or before July 7, 2024. Part of the statement reads: “The Registrar-General therefore enjoined the banks to ensure maximum compliance with the requirements of the law to ensure economic growth
