Michael Nwabufo, the ambassador for the Corporate Affairs Commission (CAC), has outlined how business owners can meet the July 7 deadline for mandatory business registration.
He announced that registration can now be completed within 24 hours via a new special registration portal.
Speaking to journalists in Lagos on Monday, Nwabufo urged business owners to utilize this innovation to comply with the deadline set by the CAC and the Central Bank of Nigeria (CBN).
“The portal enables businesses to register and receive documentation within a day,” Nwabufo said. “This is a crucial deadline for agents and fintech companies. Compliance is mandatory under new regulations aimed at enhancing transparency and accountability within the financial sector. The deadline is July 7.”
To facilitate compliance, the CAC has introduced a Special Registration Portal (SRP), allowing businesses to complete their registration through mobile banking apps. “This innovation streamlines the process, making it quicker and more convenient for agents to comply with regulatory requirements,” he explained.
Nwabufo encouraged business owners to take immediate advantage of the SRP to ensure timely registration and avoid potential penalties for non-compliance. He advised them to access further information and the portal by visiting the official CAC website or consulting their banking app.
Emphasizing the importance of business registration in Nigeria, Nwabufo stated that it fosters uniqueness and trust among entrepreneurs. He mentioned a partnership between the Practitioners of Content Creating, Skit-Making, and Influencers Guild of Nigeria and the CAC, which aims to register over 5 million new businesses nationwide within a year.
Nwabufo thanked Hussaini Magaji, the Registrar-General of CAC, for his continuous efforts in ensuring the Nigerian business environment is safe and secure. He also commended Magaji for his unwavering support for SMEs.
“The CAC has been one of the top-performing government parastatals in the past year, scoring 53.36 percent in the Efficiency Compliance Ranking, 65.12 percent in Overall BFA Performance, and achieving the highest score on the ReportGov.NG platform with 67.86 percent, indicating full compliance,” Nwabufo remarked.
It is recalled that 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.
Nwabufo was appointed CAC ambassador after a closed-door meeting with Magaji on April 26 at CAC Headquarters in Abuja.
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