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Point of Sale operators, represented by the National President of the Association of Mobile Money and Bank Agents in Nigeria, Fasasi Sarafadeen, have announced plans to challenge the legality of the mandatory registration with the Corporate Affairs Commission .
He said: “According to section 863 of the Companies and Allied Matters Act, 2004, the order to enforce CAC directive on individual PoS agents operating under their name is wrong and will be challenged, as it contravenes the Companies and Allied Matters Act, Laws of the Federation of Nigeria, 2004, which explicitly states that CAC has no jurisdiction over individuals not operating as a company.
“We are in talks with the lawyer representing the association already, and a league of human rights lawyers whom we are not disclosing who they are for now.”He explained, “CAMA only mandates registration of individuals operating as a company. There are two categories of POS agents: individuals and non-individuals. Individual agents operate under their names, such as Musa Caroline or Abubakar Audu, and are typically profiled with financial institutions under their names.
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