Following CACs Directive: PalmPay Announces Date to Freeze PoS Accounts of Operators [Video]

• Every point-of-sale provider using PalmPay’s platform will have to register with the Corporate Affairs Commission
• This is in line with the 2013 Central Bank of Nigeria recommendations on Agent Banking and CAMA 2020
• To make the registration process easier, PalmPay’s Business App now includes the CAC registration portal

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

All point-of-sale operators utilizing PalmPay’s platform will need to submit their CAC certificates or register with the Corporate Affairs Commission by July 7, 2024, in order to keep their accounts from being frozen.

This mandate adheres to the 2013 Central Bank of Nigeria recommendations on Agent Banking as well as Section 863 (1) of the Companies and Allied Matters Act 2020, according to a statement made available to …