The Corporate Affairs Commission (CAC) is set to introduce an artificial intelligence (AI)-powered portal designed to expedite business registrations to just 30 minutes, a significant reduction from the current 24-hour to three-day timeframe.
Registrar-General Hussaini Ishaq Magaji announced that the new system, slated for launch next week, will eliminate human interference, ensuring a faster, more transparent, and investor-friendly registration process.
This initiative is part of CAC’s broader strategy to formalize Nigeria’s extensive informal sector, which comprises over 40 million micro, small, and medium enterprises (MSMEs). The commission aims to formalize at least 50% of these businesses in the coming years.
Magaji highlighted the risks associated with unregistered businesses, including exposure to fraud, money laundering, and terrorism financing. He emphasized that formalization is essential for accessing government interventions and adhering to global standards.
To enhance accessibility, CAC is partnering with fintech companies such as Opay, Palmpay, and Moniepoint. The new portal will integrate third-party platforms, enabling businesses to register directly via fintech applications.
In addition to technological advancements, CAC is investing in staff training to improve compliance and inspection duties. The training covers critical areas, including addressing unregistered businesses, shell companies, and ensuring post-incorporation compliance such as filing statutory returns.
These reforms underscore CAC’s commitment to modernizing Nigeria’s business landscape, fostering transparency, and positioning the country as a more attractive destination for both local and international investors.
