CAC Launches AI-powered Powered Portal for Business Registration In Nigeria

The Corporate Affairs Commission (CAC) is set to revolutionize business registration in Nigeria with the introduction of an AI-powered portal capable of processing applications in just 30 minutes. This significant upgrade, scheduled to launch next week, will drastically reduce the current registration timeline of 24 hours to three days.

Speaking at an enforcement and compliance training in Abuja, CAC Registrar-General Hussaini Ishaq Magaji emphasized the portal’s potential in formalizing Nigeria’s vast informal business sector. He noted that unregistered businesses often contribute to challenges like fraud, money laundering, and terrorism financing. Formalizing these businesses, he stressed, is critical for accessing government support and adhering to international standards.

“This AI-driven portal will eliminate human interference, ensuring faster, transparent, and investor-friendly processes,” Magaji stated. “This initiative reflects our commitment to improving efficiency and bolstering confidence in Nigeria’s business environment.”

Driving MSME Formalization

While the CAC has successfully registered 100,000 Point of Sale (PoS) operators under its formalization initiative, this figure remains short of its 250,000 target. With over 40 million MSMEs in Nigeria, the Commission aims to formalize 50% of these businesses over time.

Magaji further revealed plans to collaborate with regulators to introduce penalties for non-compliant businesses. However, he assured that a grace period will allow operators to regularize their status before enforcement begins.

Seamless Registration Through Fintech Integration

To enhance accessibility, the CAC is partnering with Fintech companies such as Opay, Palmpay, and Moniepoint. The upcoming portal will integrate third-party platforms, enabling businesses to complete registrations directly through Fintech apps.

“This partnership will transform our registry, making it more accessible to both local and foreign investors,” Magaji explained. “These reforms are designed to strengthen compliance, improve transparency, and create a more robust business ecosystem in Nigeria.”

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Enhancing Compliance and Modernization Efforts

Alongside the portal launch, the CAC is training its staff to improve compliance and inspection processes. This training focuses on tackling issues like unregistered businesses, shell companies, and post-incorporation compliance, including the filing of statutory returns.

With the launch of its AI-powered portal and ongoing reform initiatives, the CAC is taking bold steps to modernize Nigeria’s business environment, foster growth, and align with global best practices.

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