CAC’s New AI-Powered Portal Set to Revolutionize Business Registration in Nigeria, Offering Faster, Transparent, and Investor-Friendly Processes for MSMEs Nationwide
In a game-changing move for Nigeria’s micro, small, and medium enterprises (MSMEs), the Corporate Affairs Commission (CAC) is set to launch an AI-powered company registration portal. This innovative platform promises to slash the business registration timeline from up to three days to just 30 minutes, streamlining the process for entrepreneurs nationwide.
Accelerating Business Formalization
The portal, scheduled to go live next week, is part of CAC’s broader push to formalize Nigeria’s vast informal sector. Speaking at an enforcement and compliance training session in Abuja, Registrar-General Hussaini Ishaq Magaji highlighted the risks of engaging with unregistered businesses, including fraud, money laundering, and terrorism financing.
“Our new AI-driven registration portal eliminates human interference, making the process faster, more transparent, and investor-friendly,” Magaji stated. “This innovation reflects our commitment to efficiency and fostering confidence in Nigeria’s business environment.”
Formalizing MSMEs: Progress and Challenges
Magaji disclosed that while approximately 100,000 Point of Sale (PoS) operators have been formalized under CAC’s ongoing drive, this figure falls short of the 250,000 target. With over 40 million MSMEs operating nationwide, the Commission aims to formalize at least 50% of these businesses in the coming years.
He also warned of impending sanctions for operators who fail to formalize, while providing a grace period for regularization before enforcement begins.
Partnerships with Fintech for Seamless Integration
In a bid to enhance accessibility, CAC has partnered with leading Fintech companies such as Opay, Palmpay, and Moniepoint. The new portal will integrate third-party platforms, enabling businesses to register directly via Fintech apps.
“This integration will transform our registry, making it more accessible to both local and foreign investors. With these reforms, the CAC aims to strengthen compliance, enhance transparency, and boost Nigeria’s business ecosystem,”
Magaji explained.
Equipping Staff for Better Compliance Enforcement
Alongside technological advancements, CAC is investing in staff training to improve compliance and inspection duties. The training covers critical areas, including tackling unregistered businesses, addressing shell companies, and ensuring post-incorporation compliance such as filing statutory returns.
Transforming Nigeria’s Business Landscape
The AI-driven portal and the accompanying reforms underscore CAC’s commitment to modernizing Nigeria’s business landscape. By fostering transparency and compliance, the Commission is positioning the country as a more attractive destination for both local and international investors.
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