Registration: Ambassador hails CAC for deadline extension, cautions startups, POS owners
Michael Nwabufo (aka Mike Premium), the ambassador for the Corporate Affairs Commission (CAC) has applauded the commission for the extension of July 7 deadline for registration of small businesses and Pont-of-Sales (POS) owners.
Nwabufo, a talent and brand manager, in an interview with newsmen on Sunday in Lagos, said that the CAC extension of deadline remained a right step in the right direction.
CAC on Sunday announced extension of its mandatory registration deadline for fintech operators (also known as Point of Sales (POS) Operators and other small business to Sept. 5.
The commission said that this was to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.
The CAC said that operators who fail to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting crime.
Nwabufo said that any penalties against startups and small businesses that failed to comply at this time could affect the economy and complicate the economy hardship.
“The CAC has been thoughtful in take this step. It is a right step for the good of the economy.
“The commission should be commended for this. I believe all business owners love this development.
“Basically now, we expect POS agents and other startups to continue doing their registration without relenting.
“This is important because right now money has been released for small businesses not get loans.
“You must have a business account to be able to be qualified to get such loans,” he said.
He said that commission had been doing a lot to find ways to simplify the registration process, particularly for startups and small businesses that might struggle to pay registration fees.
Nwabufo assured that he would continue to be at the vanguard of promoting and sensitising the people on the need for CAC registration.
“We shall continue to correct the perception that registering with the CAC was difficult.
“This formal registration not only provides legal recognition but also enhances credibility and opens up opportunities for growth,” the ambassador said.
Emphasising compliance in the fintech industry, Nwabufo said that all startups and small businesses could register with CAC from anywhere in the country.
He urged businesses to register using the CAC Special Registration Portal (SRP) or the PCCSIGN platform (www.pccsign.org.ng).
According to him, SRP is an innovative solution designed to streamline and accelerate business registration in Nigeria.
He said that the initiative remained a significant step forward, offering a more accessible, efficient, and user-friendly registration process for all Nigerians.
Nwabufo said the SRP had a user-friendly interface while the registration and approval times were significantly reduced.
He advised all stakeholders to ensure they meet the new deadline to avoid potential complications in business operations.
The ambassador commended the CAC registrar-general, Hussaini Magaji, and the CAC team for the extension of July 7 deadline.
Recall that in May, Magaji stated that PoS agents of major fintech companies in Nigeria, including OPay, Palmpay, and Moniepoint, must register their businesses by July 7 before announcing a new deadline on Sunday.
