The Corporate Affairs Commission (CAC) is set to revolutionize business registration in Nigeria with an AI-powered portal designed to cut processing times to just 30 minutes. This system, launching next week, marks a significant upgrade from the current 24-hour to three-day timeframe.
Speaking at an enforcement and compliance training in Abuja, CAC Registrar-General Hussaini Ishaq Magaji highlighted the portal’s role in formalizing Nigeria’s informal business sector. He noted that unregistered businesses pose risks such as fraud, money laundering, and terrorism financing. Formalization, he said, is essential for accessing government interventions and adhering to global standards.
“Our AI-driven portal eliminates human interference, ensuring faster, transparent, and investor-friendly processes,” Magaji stated. “This innovation underscores our commitment to efficiency and confidence in Nigeria’s business environment.”
Advancing MSME Formalization
Despite registering 100,000 Point of Sale (PoS) operators under its formalization drive, CAC is still far from its 250,000 target. With over 40 million MSMEs nationwide, the Commission aims to formalize 50% of these businesses in the long term.
Magaji disclosed plans to collaborate with regulators to introduce penalties for non-compliant operators, emphasizing that a grace period remains for businesses to regularize their status before enforcement begins.
Fintech Integration for Seamless Registration
The CAC is partnering with Fintech companies like Opay, Palmpay, and Moniepoint to expand its PoS formalization project. The new portal will integrate third-party platforms, enabling businesses to register directly via Fintech apps.
“This integration will transform our registry, making it accessible to local and foreign investors. These reforms strengthen compliance, enhance transparency, and foster a robust business ecosystem in Nigeria,” Magaji added
Boosting Compliance and Modernization
In tandem with the portal launch, the CAC is training staff to enhance compliance and inspection duties. This training covers key areas such as tackling unregistered businesses, addressing shell companies, and enforcing post-incorporation compliance, including filing statutory returns.
The CAC’s AI-powered portal, combined with its reform initiatives, demonstrates its dedication to modernizing Nigeria’s business environment, supporting growth, and aligning with global best practices.
