PalmPay Insists on CAC Registration to Prevent Account Freezing

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PalmPay is urging its Business users to register and submit their Corporate Affairs Commission (CAC) details by the July 7, 2024 deadline, following directives from the CAC. This requirement aligns with Section 863 (1) of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on Agent Banking.

Umuteme Enakeno, Head of Marketing and Communication at PalmPay, expressed full support for the CAC’s directive, highlighting the integration of the registration portal with the PalmPay Business App to facilitate the process. Enakeno emphasized that PalmPay provides 24/7 customer support and conducts weekly meetings to assist operators with registration.

Enakeno stressed the importance of timely compliance, warning that accounts would be frozen if CAC details are not submitted by the deadline. PalmPay Business users are advised to ensure the accuracy of all necessary documents and information when registering through the PalmPay Business App.

Source: Daily Sun

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