CAC Urges Banks to Register Customers in Agent Banking Platform By July 7

The Corporate Affairs Commission (CAC) has instructed banks to ensure registration of their customers in the agent banking platform on or before July 7, 2024.

In a letter to all affected banks, the Registrar-General/CEO, CAC, Ishaq Hussaini, SAN, said the instruction is in line with Section 863(1) of CAMA and the CBN guidelines for Agent Banking, 2013.

The Central Bank of Nigeria (CBN) had earlier, through 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 Point of Sale (PoS) terminals whether as AGENT, MERCHANT or INDIVIDUAL to register with CAC before commencement of business.

The Registrar-General therefore enjoined the banks to ensure maximum compliance with the requirements of the law to ensure economic growth.

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