Business Registration Now Possible in 24 Hours, Says CAC

The Corporate Affairs Commission (CAC) Ambassador, Michael Nwabufo, announced that business registration can now be completed within 24 hours through a new special registration portal. He urged business owners to utilize this innovation before the July 7 deadline for mandatory registration set by the CAC and the Central Bank of Nigeria. The portal allows businesses to register via mobile banking apps, streamlining the process. Nwabufo emphasized the importance of timely registration to avoid penalties and highlighted efforts to register over 5 million new businesses. He also praised the CAC’s Registrar-General, Hussaini Magaji, for supporting SMEs and ensuring regulatory compliance. 

Portal Streamlines Registration Process 

Nwabufo explained that the portal allows 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,” he said. The CAC’s Special Registration Portal (SRP) enables businesses to complete their registration directly through their mobile banking apps, streamlining the process and making it quicker and more convenient for agents to meet regulatory requirements. 

Urgent Call for Compliance 

Nwabufo encouraged business owners to utilize the SRP immediately to ensure timely registration and avoid potential penalties for non-compliance. He noted that further information and access to the portal are available on the official CAC website or through banking apps.Emphasizing the importance of business registration in Nigeria, Nwabufo stated that it fosters uniqueness and trust among entrepreneurs. He highlighted a partnership between the Practitioners of Content Creating, Skit-Making, and Influencers Guild of Nigeria and the CAC, aiming to register over 5 million new businesses nationwide within a year. 

Business registration can now be completed within 24 hours through the new special registration portal,” announced CAC Ambassador Michael Nwabufo. “We urge business owners to take advantage of this innovation and meet the July 7 deadline for mandatory registration set by the CAC and CBN 

Nwabufo expressed gratitude to the CAC’s Registrar-General, Hussaini Magaji, for his continuous efforts in ensuring the Nigerian business space is safe and secure. He also commended Magaji for his unwavering support for small and medium-sized enterprises (SMEs). “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,” Nwabufo remarked. In May, the CAC and financial technology companies agreed to a two-month timeline to register their merchants and agent bankers, known as PoS operators. The commission set a deadline of July 7, stating that the registration aligns with legal requirements and CBN directives. 

The Corporate Affairs Commission (CAC) has introduced a new special registration portal enabling business registration within 24 hours. Ambassador Michael Nwabufo urged business owners to utilize this innovation before the July 7 deadline to avoid penalties. This streamlined process aims to enhance transparency, accountability, and trust among entrepreneurs, reflecting the CAC’s commitment to supporting SMEs and ensuring regulatory compliance.