PalmPay has announced that all Point Of Sale (POS) 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 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.
“PalmPay fully supports the CAC’s directive,” stated Enakeno. We hold weekly meetings and offer round-the-clock customer service to help operators through the process.
He mentioned that operators can visit any of the 36 state offices located throughout Nigeria, send an email, or call PalmPay customer care for assistance.
“Use the PalmPay Business App to Register Your Business: Before submitting your application, make sure you have included all required documentation and accurate information.
Refresh Your PalmPay Account Update your PalmPay account’s business details to reflect your new corporate status as soon as you receive the certificate.
“We strongly advise all PalmPay Business users to register or submit their CAC prior to the expiration date. The account will be frozen if you don’t do this,” he stated.
