Norebase: The API Partner for Seamless CAC Registration
Norebase provides an intuitive solution through API partnerships with fintechs and banks. This integration allows financial institutions to seamlessly embed the CAC registration process within their existing mobile applications. POS agents can then register themselves directly through the familiar app interface, eliminating the need for manual processes and physical visits.
Benefits of Norebase API Integration in Light of the CAC Directive
Immediate Compliance: Norebase streamlines the registration process, enabling fintechs and banks to meet the CAC deadline swiftly and efficiently. Business registration via the Norebase API takes 3 – 5 days only.
Reduced Operational Burden: Automating agent registration frees up valuable resources for financial institutions, allowing them to focus on core business activities.
Enhanced Transparency and Trust: Formal CAC registration fosters greater transparency within the financial system, building trust with customers and regulators.
Mitigated Regulatory Risk: By ensuring all POS agents are registered, financial institutions significantly reduce their exposure to potential regulatory penalties.
New CAC Directive Mandates POS Agents to Register their Businesses
A recent directive by the Corporate Affairs Commission (CAC) mandates all POS agents to duly register with the CAC and get their TIN (Tax Identification Number). This critical mandate underscores the need for immediate action to ensure compliance and avoid potential consequences.
Previously, POS agent registration lacked the urgency it holds today. The new CAC directive throws the spotlight on the critical role these agents play in the financial ecosystem, necessitating their formalization as registered businesses.
However, manually registering thousands of agents through traditional CAC channels can be a logistical nightmare for fintechs and banks. This is where Norebase steps in, offering a timely and efficient solution.
Why did the CAC issue this directive?
POS terminals accounted for 26.37% of fraud incidents in 2023, according to a fraud report by the Nigeria Inter-Bank Settlement System Plc (NIBSS).
Without Norebase, the mandate to register POS agents as businesses may prove difficult and make onboarding processes cumbersome.
If you operate a fintech or bank, Norebase’s business registration API completely eliminates this difficulty by providing access to business registration in your app ensuring your customers enjoy a seamless experience.
Compliance remains a necessary part of building a healthy finance ecosystem.
Contact sales today to integrate Norebase’s business registration API into your app or website.
