PalmPay Charges POS Operators To Register Or Submit CAC Certificate To Prevent Account Freezing

Following the Corporate Affairs Commission’s Directive for POS operators to register and submit their CAC details on or before July 7, 2024, PalmPay has tasked 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.

Speaking on this directive, Umuteme Enakeno, Head of Marketing and Communication at PalmPay, stated “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 disclosed that customers can register their businesses via the PalmPay Business App by ensuring that all necessary documents and information are provided accurately before submitting their applications. 

He further explained that customers must update their PalmPay Accounts with business details whenever they get the certificate to reflect their new corporate status. 

He noted that PalmPay is committed to doing its 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,” he added.


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