PalmPay has announced that all Point Of Sale operators using its platform must register with the Corporate Affairs Commission or submit their CAC certificates by July 7, 2024, to avoid account freezing.

In a statement made available to The PUNCH on Thursday, this mandate follows Section 863 (1) of the Companies and Allied Matters Act 2020 and the 2013 Central Bank of Nigeria guidelines on Agent Banking.

“Following CAC’s Directive for POS operators to register and submit their CAC details on or before July 7, 2024, PalmPay is encouraging its Business users who have not yet complied with the directive to do so promptly.

“This directive follows Section 863 (1) of the Companies and Allied Matters Act 2020 and the 2013 CBN guidelines on Agent Banking,” the statement read.

The Federal Government through the Corporate Affairs Commission had issued a two-month registration deadline for Point of Sales companies to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

To facilitate the registration process, PalmPay has integrated the CAC registration portal into its Business App. This allows operators to seamlessly register their businesses and submit the required documents.

The Head of Marketing and Communication at PalmPay, Umuteme Enakeno, noted that the company approved the directive issued by CAC.

Enakeno said, “PalmPay fully supports the CAC’s directive. We provide 24/7 customer support and conduct weekly meetings to guide operators through the process.”

He noted for assistance, operators can contact PalmPay customer support via phone, email, or by visiting any of the 36 state offices across Nigeria.

“Register Your Business via the PalmPay Business App: Ensure that all necessary documents and information are provided accurately before submitting your application. Update Your PalmPay Account Once you get the certificate, update your business details in your PalmPay account to reflect your new corporate status.

“We urge all PalmPay Business customers to submit or register their CAC before the deadline. Failure to do so means that the account would be frozen,” he noted

The PUNCH reports that Point of Sale operators under the aegis of the National President of the Association of Mobile Money and Bank Agents in Nigeria said it has concluded plans to head to court to address the legality of the mandatory Corporate Affairs Commission for its members.