Business
CAC Streamlines Fintech Registration with Efficient Processing
The Corporate Affairs Commission (CAC) is making significant progress, efficiently processing over 15,000 applications daily, including weekends, for its fintech regularisation program.
In a public notice, the commission highlighted its commitment to ease of doing business, dispelling any misleading media claims about service challenges, particularly regarding name search availability. These reports were addressed as unfounded, affirming the organization’s positive image.
As part of its efforts to support the fintech and agent banking industry, the commission is evaluating each application on its merits. It has also launched APIs and developed a dedicated registration portal, facilitating fintech companies in seamlessly registering their agents, merchants, and platform users.
Background
In May, Hussaini Magaji, the Registrar-General of the CAC, announced that major fintech companies’ Point of Sales (PoS) agents, including those of OPay, Palmpay, and Moniepoint, are required to register their businesses by July 7, 2024. This initiative aligns with legal standards and the Central Bank of Nigeria’s (CBN) directives, aiming to safeguard businesses without targeting any particular group.
Magaji emphasized that this mandate is underpinned by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, and the 2013 CBN guidelines on agent banking. Despite some concerns raised by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) about potential taxation implications, the CAC confirmed that the registration timeline was established in consultation with PoS agent representatives, demonstrating a collaborative approach.
While some PoS operators in the Federal Capital Territory (FCT) have expressed concerns, the overall process marks a step forward in ensuring a robust and compliant fintech ecosystem.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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