PalmPay Insists on CAC Registration to Prevent Account Freezing

Following the directives from Corporate Affairs Commission (CAC) that all Point of Sales (PoS) operators should register and submit their CAC details on or before July 7, 2024, PalmPay is encouraging its Business users who have not yet complied with the directive to do so promptly.

The directive follows Section 863 (1) of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on Agent Banking.

Speaking about the directive, Head of Marketing and Communication at PalmPay, Umuteme Enakeno, said: “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 advised PoS operators to register their business via the PalmPay Business App and ensure that all necessary documents and information are provided accurately before submitting their application.

 “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.