CAC Makes Business Registration Possible In 24hrs

Ahead of the July 7 deadline for mandatory business registration set by the Corporate Affairs Commission (CAV) and the Central Bank of Nigeria (CBN), the ambassador for the CAC, Michael Nwabufo, has said business registration can now be completed within 24 hours through the new special registration portal.

Nwabufo, who was speaking to newsmen in Lagos on Monday, he urged business owners to take advantage of the innovation, saying the portal enables businesses to register and receive documentation within a day.

“There is a crucial deadline for agents and fintech companies to register their businesses. Compliance is mandatory under new regulations aimed at enhancing transparency and accountability within the financial sector. The deadline ends on July 7.

“To facilitate this, the CAC has introduced a Special Registration Portal (SRP), a new system enabling businesses to complete their registration directly through their mobile banking apps. This innovation streamlines the process, making it quicker and more convenient for agents to comply with the regulatory requirements”, Nwabufo said.

While encouraging business owners to take advantage of the SRP immediately to ensure timely registration and avoid any potential penalties for non-compliance, he informed that business owners could access further information and the portal by visiting the official CAC website or consulting their banking app.

Nwabufo, who emphasized the importance of business registration in Nigeria, stated that it fostered uniqueness and trust among entrepreneurs.

He noted a partnership between the Practitioners of Content Creating, Skit-Making, and Influencers Guild of Nigeria and the CAC aimed at registering over 5 million new businesses nationwide within a year, and thanked the Registrar-General of CAC, Hussaini Magaji, for his continuous efforts in ensuring the Nigerian business space is safe and secure.

Commending Magaji for his unwavering support for SMEs, the CAC ambassador said, “The CAC has been one of the top-performing government parastatals in the past year, scoring 53.36 per cent in the Efficiency Compliance Ranking, 65.12 per cent in Overall BFA Performance, and the highest score on the ReportGov.NG platform with 67.86 per cent, indicating full compliance”.

In May, the CAC and financial technology companies agreed to a two-month timeline to register their merchants and agent bankers, better known as PoS operators.

Issuing a deadline of July 7, the Commission said the registration aligned with legal requirements and the directives of the CBN.