All POS operators and fintech merchants in Nigeria are now required by the CAC to register their companies by July 7, 2024, in accordance with the rules set forth by the Central Bank of Nigeria (CBN).ALSO READ HERE: 18+ 3:00 MINUTES. H0T. VIDEO. OF. PASTOR’S. WIFE. LE4KED...For More READ THE FULL STORY▶▶
Comprehending these requests from CAC guarantees that companies operate PoS seamlessly and build a strong reputation in addition to assisting in avoiding legal troubles.
The Vanguard outlined crucial CBN registration-related facts that all point-of-sale operators need to be aware of.
CAC registration
It is imperative that POS operators who intend to collaborate with banks and Mobile Money Operators (MMOs) have legal identification for their company through CAC registration. It also guarantees that the business is recognized as a legitimate entity by the law.
Operators will need to show their CAC Certificate of Incorporation, which is also called a Business Name Registration Certificate, to fulfil the requirements of the CBN.
KYC compliance
The CBN has mandated that all point-of-sale operators adhere to the Know Your Customer (KYC) policy. Verifying the credentials of the company and its representatives is essential to improving security and preventing fraud.
Implementing KYC gives your customers more confidence while safeguarding your company from possible risks. Additionally, it guarantees consistency and safety in corporate operations.
Proof of your company’s registered office as well as additional personal information, including a valid ID (such as a national ID or an international passport), will be required.
Capital requirements and financial stability
Possessing enough money guarantees that your business can complete transactions as planned. Having money on hand is essential for true operational functionality, particularly during periods of high transaction volume.
Every business account maintained with a regulated financial institution needs to have a capital level that satisfies the minimum requirement set by the CBN, which may differ based on the size of your organization.
Respecting transaction limits
Limitations on POS transactions have been enforced by the Central Bank of Nigeria (CBN) in an effort to lower the probability of illicit activities, including money laundering. Respecting these restrictions is essential to stay out of trouble with the law.
AML violations or over transactional limits may result in fines for businesses and/or license suspensions. Furthermore, you must report any transaction that seems suspect.
Collaborating with MMOs or licensed banks
To finalize the CBN registration process, you must work with a Mobile Money Operator (MMO) or regulated financial institution to assist with your registration and ensure that all relevant requirements have been met.ALSO READ HERE: FULL. VIDEO; BEAUTIFUL. WIFE. C4UGHT. P4NT. DOWN. WITH. NEIGHBOR
A company can speed up the registration procedure and create a continuing support relationship by collaborating with a licensed bank or MMO. Both your registration and ongoing compliance with regulations will be handled by the financial institution...For More READ THE FULL STORY▶▶
