In light of the recent directive from the Corporate Affairs Commission (CAC), PalmPay is urging its Business users to register their businesses and submit their CAC details by the July 7, 2024, deadline. This directive mandates compliance with Section 863 (1) of the Companies and Allied Matters Act 2020, as well as the 2013 Central Bank of Nigeria (CBN) guidelines on Agent Banking.
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Importance of Compliance
Compliance with this directive is crucial for all PalmPay Business users. The CAC directive aims to ensure that all Point of Sale (POS) operators are legally registered and their business activities are in accordance with Nigerian law. Failure to comply by the deadline will result in the freezing of non-compliant accounts, significantly impacting business operations.
How to Register Your Business with PalmPay
To facilitate compliance, PalmPay has provided a straightforward process for business users to register and update their details:
- Register Your Business via the PalmPay Business App:
- Ensure all necessary documents and information are accurate and complete before submitting your application through the PalmPay Business App.
- Update Your PalmPay Account:
- Once you receive your CAC certificate, update your business details in your PalmPay account to reflect your new corporate status.
PalmPay emphasizes the importance of prompt action, urging all business customers to complete their registration and submit their CAC details as soon as possible to avoid any disruption in their business activities.
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CAC Registration Procedure
To ensure a smooth registration process with the CAC, follow these steps:
- Visit the CAC Registration Portal: Access the CAC registration portal at https://pre.cac.gov.ng.
- Create an Account: If you don’t already have an account, sign up by providing the required personal information.
- Reserve a Business Name: Use the portal to check the availability of your desired business name and reserve it.
- Complete the Registration Forms: Fill out the necessary forms, including information about the business type, directors, and shareholders.
- Upload Required Documents: Submit scanned copies of the required documents, such as identification, address proof, and passport-sized photographs.
- Pay the Registration Fee: Make the necessary payment through the portal using the provided payment options.
- Submit Your Application: Review your application for accuracy and completeness, then submit it.
- Receive Your CAC Certificate: Once approved, you will receive your CAC certificate, which you should then upload to your PalmPay account.
Consequences of Non-Compliance
PalmPay has made it clear that any business accounts that fail to meet the CAC registration deadline will be frozen. This measure is intended to enforce compliance and ensure all business operations conducted through PalmPay are within legal and regulatory frameworks.
Benefits of Compliance
Beyond avoiding account freezes, compliance offers several benefits to business users:
- Legal Recognition: Ensuring your business is legally recognized can enhance credibility and trust with customers.
- Operational Continuity: Avoiding disruptions caused by account freezes ensures smooth business operations.
- Access to Banking Services: Compliance with CBN guidelines can facilitate better access to banking and financial services.
Final Call to Action
PalmPay is committed to supporting its business users through this compliance process. The company encourages all users to take immediate action to register their businesses and update their PalmPay accounts with their CAC details before the July 7, 2024, deadline. For more information and guidance on the registration process, visit the official PalmPay Business App or contact PalmPay support.
For further details, please refer to the official announcement on Legit.ng.
By ensuring compliance with the CAC directive, PalmPay Business users can continue to operate smoothly and take advantage of the benefits of being a legally recognized entity in Nigeria.
Conclusion
This proactive measure by PalmPay not only aligns with regulatory requirements but also promotes a transparent and legally compliant business environment for all POS operators. Business users are urged to act swiftly to avoid any potential disruptions and to leverage the advantages of compliance for their operational and financial growth.
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