CAC Launches AI Platform For 30-Minute Business Registration

The Corporate Affairs Commission (CAC) has announced plans to roll out an artificial intelligence (AI)-driven company registration portal aimed at simplifying and speeding up the registration process for Nigeria’s micro, small, and medium enterprises (MSMEs).

This new system, set to go live next week, promises to reduce the registration timeline to just 30 minutes, a significant improvement from the existing timeframe of 24 hours to three days.

Speaking recently at an enforcement and compliance training session in Abuja, CAC’s Registrar-General, Hussaini Ishaq Magaji, highlighted the initiative’s importance in formalising the country’s extensive informal business sector.

Mr. Magaji explained that unregistered businesses pose risks such as fraud, money laundering, and terrorism financing, making formalisation essential for accessing government initiatives and ensuring adherence to global standards.

“Our AI-driven registration portal eliminates human interference, enabling a faster, more transparent, and investor-friendly process,” Mr. Magaji said. “With this innovation, businesses can complete their registrations within 30 minutes, reflecting our commitment to enhancing efficiency and fostering confidence in Nigeria’s business environment.”

Mr. Magaji further revealed that about 100,000 point of sale (PoS) operators have been registered under the CAC’s ongoing formalisation drive, although this falls short of the 250,000 target. With over 40 million MSMEs operating nationwide, the commission is targeting the formalisation of 50 percent of these businesses as part of its long-term goals.

“We are working with regulators to introduce penalties for operators who fail to formalise their businesses. However, there is still an opportunity for regularisation before enforcement begins,” he added.

The Registrar-General also commended Fintech companies such as Opay, Palmpay, and Moniepoint for their contributions to the PoS formalisation project.

Additionally, Mr. Magaji announced that the new portal would integrate with third-party platforms, allowing businesses to register seamlessly through Fintech applications. This integration aligns with CAC’s mission to improve accessibility and create a more efficient business environment.

“This integration will transform our registry, making it more accessible to both local and foreign investors. With these reforms, CAC aims to strengthen compliance, enhance transparency, and boost Nigeria’s business ecosystem,” Mr. Magaji explained.

As part of its reform agenda, CAC is equipping its staff with the skills necessary to enforce compliance and inspection duties effectively. The training program focuses on key areas, including addressing unregistered businesses, tackling shell companies, ensuring the disclosure of significant controllers, and enforcing post-incorporation compliance, such as the filing of statutory returns.

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