CAC Launches AI-Powered Portal for 30-Minute Business Registration in Nigeria
In a bold move to improve the ease of doing business in Nigeria, the Corporate Affairs Commission (CAC) has announced the launch of an AI-driven company registration portal.
This cutting-edge platform, set to go live next week, promises to reduce the time for business registration from 24 hours to just 30 minutes.
The initiative aims to simplify processes, formalize Nigeria’s vast informal economy, and foster confidence in the country’s business environment.
However, lingering challenges with the existing portal cast doubts over whether the new system can deliver on its ambitious promises.
Revolutionizing Business Registration
Speaking during an enforcement and compliance training session in Abuja, CAC Registrar-General Hussaini Ishaq Magaji emphasized the importance of formalizing businesses to h address risks such as 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 said.
This innovation is expected to be a game-changer for Nigeria’s micro, small, and medium enterprises (MSMEs), allowing them to register their businesses in record time.
Persistent Challenges with the Current Portal
Despite the optimism surrounding the new portal, existing users of the CAC’s current online system have reported significant challenges, raising questions about the efficiency of the transition. Some of the most common issues include:
Verification Email Delays: Many new users are unable to proceed with their registrations because they do not receive verification emails after signing up, leaving them stuck at the first step.
Login Problems: Frequent login errors prevent registered users from accessing the platform, disrupting business operations.
Name Availability Searches: The inability to submit proposed business names for availability checks remains a significant bottleneck, delaying the entire registration process.
Technical Glitches: Users often encounter website downtimes, incomplete processes, or error messages, making the system unreliable for timely business registration.
Addressing these challenges is critical for ensuring the success of the AI-powered portal and delivering on its promise of fast and seamless business registration.
A Boost for MSME Formalization
The CAC has set ambitious goals to formalize a large portion of Nigeria’s estimated 40 million MSMEs. While efforts like registering 100,000 Point of Sale (PoS) operators under the ongoing formalization drive show progress, these numbers fall short of the target of 250,000.
To encourage formalization, the CAC plans to collaborate with regulators to impose sanctions on unregistered businesses. However, a grace period for regularization will be available before enforcement begins.
Collaboration with Fintechs
To enhance accessibility, the CAC has partnered with Fintech companies such as Opay, Palmpay, and Moniepoint. These collaborations will enable seamless registration through third-party platforms integrated with the new portal.
“This integration will transform our registry, making it more accessible to both local and foreign investors,” Magaji explained.
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Enforcing Compliance
In tandem with launching the AI-driven portal, the CAC is training its staff to enforce compliance. These efforts focus on tackling unregistered businesses, addressing shell companies, and ensuring post-incorporation compliance.
Conclusion
The CAC’s AI-powered registration portal is a promising step toward modernizing Nigeria’s business environment. However, its success depends on resolving existing technical issues and ensuring the reliability of the new system.
For Nigeria’s MSMEs, the promise of a 30-minute registration process could be transformative—but only if the system delivers a seamless experience.
The countdown is on. Will the new portal deliver on its promise? Stay tuned!
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