Fintech firm, PalmPay, yesterday warned its Point of Sale (PoS) operators against getting their accounts frozen over their failure to comply with the directive of the Corporate Affairs Commission (CAC) to register their businesses.
The company issued the warning following CAC’s Directive for PoS operators to register and submit their CAC details on or before July 7, 2024.
PalmPay said it 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 (CAMA) 2020 and the 2013 CBN guidelines on Agent Banking.
Head of Marketing and Communication at PalmPay, Umuteme Enakeno, who spoke in Lagos, reiterated the fintech’s support to the CAC’s directive.
“PalmPay fully supports the CAC’s directive. To provide a seamless experience for our customers, we have integrated the registration portal with our Business App.
In cases where the customers need support, we provide 24/7 customer support to our operators and also conduct weekly meetings to guide them on the process,” Enakeno said.
According to him, important steps to follow include business registeration via the PalmPay Business App and ensuring that all necessary documents and information are provided accurately before submitting the application.
He urged them to update their PalmPay Account once they get the certificate; update their business details in their PalmPay account to reflect their new corporate status.
As always, PalmPay is committed to doing our part to foster a secure financial ecosystem.
“We urge all PalmPay business customers to submit or register their CAC before the deadline. Failure to do so means that the account would be frozen,” Enakeno warned.
