At least the smoke will be briefly warm. Because what you’re actually doing throwing millions at online creators without foundational business logic is precisely equivalent to running a charity for the content creation industry. A well-funded, tax-deductible charity, in an economic climate where creators decidedly do not require your generosity.

The narrative du jour is everywhere: influencer marketing is dead. Brands are haemorrhaging capital with nothing to show for it. Audiences are exhausted by sponsored content. Marketing managers are justifying their budgets like defendants before a tribunal.

But this diagnosis is dangerously incomplete. Influencer marketing isn’t dying. Strategy, however, is critically absent.

The creator economy is not in terminal decline. Global creator industry revenues have reached $214 billion, with projections suggesting the sector will cross the trillion-dollar threshold within the next decade, a trajectory incompatible with any dying industry.

We are not witnessing death. We are watching a tectonic maturation within the creator economy. The industry is not shrinking; it is consolidating and professionalising. When a multi-million naira campaign implodes, it is infinitely easier to blame the algorithm, the platform, or declare the entire channel obsolete than to admit the uncomfortable truth: we didn’t know what we were doing.

What is genuinely dying, however, is the era of lazy, transactional vanity metrics. Gen Z and millennial consumers holding the bulk of purchasing power and dictating cultural trends possess a hyperacute, almost supernatural radar for corporate inauthenticity.

They can identify a rehearsed product endorsement from fifty paces. They will skip past it without hesitation. The day of paying an aesthetically pleasing individual to hold a product, smile, and paste a generic caption is finished. Over. Retired.

To understand why your campaigns are bleeding capital, we must examine how digital authority has fundamentally shifted.

Authenticity Over Clout: The New Currency

For years, influencer culture was built on polished artifice, highly curated reviews that functioned as dressed-up public relations rather than genuine feedback. Creators earned money by building beautiful facades. Audiences tolerated this because alternatives were limited. That era has definitively ended.

The creators commanding fiercely loyal audiences today are those willing to be brutally honest. They criticise products their followers might buy. They say ‘no’ to lucrative deals that don’t align with their values.

They prioritise their audience’s wellbeing over advertiser relationships. This shift reorienting creator allegiance from brands to customers represents a fundamental realignment of economic incentives.

When a creator endorses something, modern audiences implicitly ask: ‘Would this person recommend this if no one was paying them?’ Sugarcoated recommendations fail this test.

Consumers do not buy from people who lack the spine to refuse a bad product. If your influencer strategy depends on creators who only know how to deliver corporate messaging, your conversion rates will remain at zero. You are paying for silence, not persuasion.

The Science of Storytelling: Follower Count is Not Strategy

Here is the structural flaw at the heart of most influencer campaigns: brands hire based on follower count. They see 500,000 followers and believe they have purchased access to 500,000 potential customers. This is mathematical fiction.

True influence is not a lottery. It is a science. It lives in narrative architecture, educational value, and the ability to move an audience through a psychological funnel. A creator with 50,000 followers who understands story structure hook formulation, tension and release, audience psychology will outperform a creator with 500,000 followers who merely posts content.

When you hire a creator, the pertinent questions are not: ‘How many followers do they have?’ or ‘What is their engagement rate?’ The questions should be: ‘Can they construct a narrative that creates desire? Do they understand pacing? Can they identify hooks that arrest attention in a crowded feed? Do they comprehend the psychological journey their audience must travel from awareness to purchase?’

A creator without storytelling architecture cannot salvage a poorly constructed corporate message, no matter how large their audience. You cannot outsource strategy to follower counts.

The Operational Blind Spot: Traffic is Not Conversion

This is where the real breakdown happens. Successful digital marketing demands ruthless clarity around customer journey mapping, continuous optimisation, and precise understanding of user needs. Many brands skip this entirely.

They construct a campaign brief, contact an influencer, approve budgets and never pause to ask the foundational questions.

They don’t know their Customer Acquisition Cost (CAC). They haven’t optimised their website conversion funnel. Their analytics infrastructure doesn’t track where traffic actually converts to revenue. When the campaign generates 100,000 profile visits but zero sales, they blame the creator.

An influencer’s job is to drive attention and traffic. Your brand’s job is to convert that traffic into customers. When conversion fails, the failure is operational, not creative. Yet most brands restructure their influencer roster before they audit their own systems.

This is a category error that costs millions. Influencers are distribution channels, not marketing strategies. Deploying an influencer campaign without first establishing your brand positioning, refining your value proposition, and optimising your conversion infrastructure is equivalent to buying expensive airtime on national television when you don’t have a product on the shelves. It is expensive. It is flashy. It is entirely useless.

Before You Launch: The Strategic Audit Every Brand Needs

Before drafting another campaign brief, sending another Instagram DM, or signing off on another multi-million naira budget, four critical questions must be answered in the boardroom:

1. Which specific stage of the customer journey is this creator addressing? Are you acquiring new customers, nurturing existing ones, or driving repeat purchases? A creator’s audience is rarely aligned with every stage of your funnel.
2. Does your corporate identity genuinely align with the creator’s community culture? Misalignment creates friction. Authenticity cannot be manufactured through forced partnerships.
3. Is your internal infrastructure prepared to handle success? Can your customer service team absorb a sudden surge in inquiries? Does your website load under stress? Are your logistics systems capable of managing exponential order volume?
4. How will success actually be measured? Establish metrics before the campaign launches. Are you measuring click-through rates, customer acquisition cost, lifetime value, or revenue directly attributed to the creator? Vanity metrics, likes, comments, shares, are not business outcomes.

The Path Forward: Strategy Before Spending

If you genuinely want to stop haemorrhaging marketing budgets, step away from viral trends and step into a strategy room.

Before launching your next campaign, engage a brand strategist, someone capable of restraining you from chasing empty metrics and forcing you to confront the cold, hard numbers that actually affect your balance sheet.

A strategist will:

• Map your complete customer journey and identify where influencer partnerships create genuine value
• Match your unique selling proposition with creators whose audiences genuinely care about what you offer
• Establish metrics that drive business growth rather than vanity engagement
• Audit your operational readiness before any creator campaign goes live

Influencer marketing is alive. It is thriving. It is making billions. The creator economy has matured into a legitimate, diversified industry.

But if you continue jumping into it blindly, chasing follower counts and viral moments without strategic foundation, the only person getting rich from your corporate budget is the person posting your product on their timeline.

Build a strategy first. Then deploy the creators. The order matters.

Ariyo-Agbaje Ifeoluwa writes from Lagos. He can be reached via ifeariyoagbaje@gmail.com

While Nigeria remains a titan of African VC – contributing significantly to a digital economy projected to hit $18.3 billion by the end of this year – the metrics for success have fundamentally shifted.

The Data: A Tale of Concentration and Survival

To understand the current stakes, one must look at the 2025 funding data. Last year, Nigeria secured approximately $572 million in total capital.

While the volume suggests stability, the distribution tells a story of extreme selection: just 11 startups captured nearly 83% of all capital inflow.

For mid-stage and early-stage founders, the funding winter is less a chill and more a deep freeze. Equity funding plummeted by 21% recently, as investors swapped speculative bets for businesses with ‘unit economic’ integrity.

In this environment, the ICT sector’s 9% contribution to real GDP isn’t driven by hype, but by essential services: Fintech (holding 47% of all funding), Energy-Tech, and the emerging ‘AI Utility’ pivot.

It is against this backdrop of high-interest rates and capital concentration that The Gathering on 100 – a youth movement – has launched its high-stakes Pitchathon at the National Stadium, Surulere.

The Hustle: ₦45 Million and the 10-Customer Rule

In a market where traditional VC is concentrated at the top, the Pitchathon’s ₦45 million prize pool represents a vital lifeline of non-dilutive capital. However, the organisers are mirroring the market’s new discipline.

The Filter: To even breathe the air on the Pitchathon stage, startups must prove they have survived the first contact with reality.

The ‘10-customer rule – requiring a registered Nigerian entity with at least 10 paying customers or three months of active user data – is a brutal, necessary filter.

It reflects the 2026 mandate: Product-Market Fit (PMF) is the only currency that matters.

The Crucible: 480 Seconds Under the Lights

The 100-hour non-stop event goes beyond lifestyle link-up; it’s a test of technical grit. The competition format is designed to strip away the ‘audacity’ and reveal the architecture:

• The 5-Minute Walkthrough: Founders must perform a live product demo. In an era of ‘AI-washing, showing the code and the interface in real-time is the ultimate truth serum.
• The 3-Minute Grill: Judges aren’t asking about vision; they are digging into Customer Acquisition Costs (CAC) and Lifetime Value (LTV).
• The Crowd Factor: In a nod to community-led growth, the audience holds 25% of the voting power. If you can’t convince the 20-somethings in the stands, you likely can’t scale in the Nigerian retail market.

Beyond Fintech: The Sector-Agnostic Shift

While Fintech remains the ecosystem’s heartbeat, the competition highlights the diversification of the New Nigerian Hustle.

By giving equal billing to AgriTech, HealthTech, IoT, and DefenceTech, the event acknowledges that the next billion-dollar opportunities lie in solving infrastructure gaps, not just digital payments.

As the 100-hour timer counts down in Surulere and registrations continue for the Pitchathon, the competition stands as a microcosm of the entire ecosystem.

It’s a high-pressure demonstration that while the ‘audacity economy’ got them into the stadium, only data, traction, and a working prototype will get them the check.

The event is slated to hold from April 22 to 26 at the National Stadium, Surulere, Lagos. See how to apply here.

The initiative, launched under the Federal Government’s Renewed Hope Agenda, aims to break down financial and bureaucratic barriers that have long kept entrepreneurs from formalising their businesses, a foundational step toward growth and access to opportunities.

From Dreams to Documented Reality

Since its rollout, countless entrepreneurs who once struggled with the cost and complexity of formal registration have begun receiving approval notices in their inboxes, transforming hopes into legal reality.

Take Aisha, a tailor in Kano (name changed for privacy). For years she operated informally, hesitant to pay registration fees she could barely afford.

Last week, she received an official CAC approval email, free of charge, an affirmation that her business wasn’t just a side hustle, but a recognised enterprise. Through this new status, she now plans to open a bank account, access credit, and explore export options she never thought possible.

What this means for the economy

Formal business registration does more than put a name on paper, it unlocks credibility, financial services, market access, and government-backed opportunities. Yet, for many MSMEs, registration costs and procedural hurdles are prohibitive.

By waiving statutory fees, an estimated ₦3 billion in total, and integrating beneficiaries into SMEDAN’s national MSME database, the programme tackles one of the most persistent barriers to business growth.

This institutional recognition also primes entrepreneurs for capacity building, grants, and formal market participation.

How the Programme Works

Under the scheme:

The CAC waives all statutory fees for business name registration for 250,000 eligible

SMEDAN mobilises and profiles businesses, then supports them through the registration process.

Registered businesses receive official CAC certification, linking them to government services, finance, and market-enabling systems.

Business owners can begin the process via portal.smedan.gov.ng; those already in SMEDAN’s database are auto-qualified and guided step by step.

To ensure inclusivity, state-level SMEDAN offices and business clinics are offering hands-on assistance for entrepreneurs who may need help navigating the digital process.

A Turning Point for Nigeria’s Economy

Nigeria’s MSMEs account for the vast majority of businesses and workforce engagement, yet many remain informal, unable to fully contribute to or benefit from structured economic systems.

According to past reports, SMEs make up nearly 96 % of registered businesses and contribute significantly to GDP and employment.

This free registration drive doesn’t just expand official records, it marks a strategic push to integrate millions of informal enterprises into the formal economy, boosting government planning, investment inflows, and economic inclusion.

Looking Ahead

Analysts say this initiative could redefine Nigeria’s business landscape, moving entrepreneurs from informal survival to sustainable growth and competitiveness.

And with broader reforms, digital-friendly systems, and policy reviews underway, the formalisation of MSMEs may become the cornerstone of Nigeria’s economic resurgence in 2026 and beyond.

Each one serves a different purpose in banking, identity verification, and taxation.

BVN (Bank Verification Number)

The BVN is an 11-digit biometric ID used across the banking industry. It helps banks confirm a customer’s identity and protects accounts from fraud.

The Central Bank of Nigeria (CBN) regulates the BVN system, while commercial banks issue the numbers to their customers.

Benefits to Business Owners

• Opening Accounts: Every individual who owns or signs on a bank account must have a BVN.
• Credit Access: Banks rely on BVN records to verify identities and review credit history. The CBN also requires BVN before any credit facility is approved.

NIN (National Identification Number)

The NIN is issued by the National Identity Management Commission (NIMC) to all Nigerian citizens and legal residents. It is the primary national identity number and is now linked to many government services.

It is also mandatory for registering new businesses with the Corporate Affairs Commission (CAC) and doubles as an individual’s TIN.

Benefits to Business Owners

• Business Registration: CAC requires a valid NIN for verifying the details of all directors, shareholders, and proprietors.
• Linked to TIN: For sole proprietors, the NIN automatically becomes the Taxpayer Identification Number.

TIN (Taxpayer Identification Number)

The TIN is issued by the Federal Inland Revenue Service (FIRS) and the Joint Tax Board (JTB). It is used for tax administration and is compulsory for businesses that want to stay compliant.

Benefits to Business Owners

• Tax Compliance: You need a TIN to file tax returns, deal with FIRS, and secure a tax clearance certificate.
• Corporate Accounts: No corporate bank account can be opened without a TIN.
• For Individuals: Sole proprietors do not need a separate TIN; it is automatically generated from their NIN and verified through their NIN/BVN.
• For Registered Companies: A company’s CAC registration number (RC Number) doubles as its corporate TIN, and this number appears on the CAC certificate.

For business owners in Nigeria, securing your NIN and BVN should be the first step, since both numbers work together for banking, identification, and basic tax registration.

Once you register a Limited Liability Company (LLC), it is issued its own corporate TIN through its CAC registration number.

Staying compliant with these requirements ensures your business runs smoothly and avoids unnecessary regulatory issues.

In a statement shared via its official X page, the Commission acknowledged the challenges some users are facing when attempting to process stamp duties online. It reassured customers that engineers from both involved agencies are actively working to resolve the issue.

“We are aware of the difficulties some of our valued customers are facing in making Stamp Duties payments through our portal.

“Please be assured that this matter is receiving the urgent attention of engineers from both agencies involved, and a permanent solution is almost in place,” it stated.

The CAC attributed the problem to the deployment of its new, more advanced portal, which it says currently outpaces the systems used by its partner agencies. The upgrade is part of its digital transformation agenda aimed at improving efficiency and providing seamless user experience.

In a related development, the Commission also announced that it is finalising a simplified, AI-powered post-incorporation system for business names and the filing of annual returns. The feature for annual returns, which will be the first to go live, is expected to launch by the weekend.

The commission appreciated users’ patience and support, and apologised for any inconvenience caused during the transition.

The Commission stated this in a public notice released on Friday, noting inadequate compliance with its directive.

It said those who decided not to register may engage in “unwholesome activities.”

This development came as the Fintech business owners under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) challenged the CAC’s registration directive in court, insisting that the mandatory registration was illegal.

Providing an update on the registration after the deadline, the CAC in the public notice said, “The Corporate Affairs Commission wishes to remind the general public particularly Fintech operators also known as Point of Sale (POS) operators, that the 60-day deadline given in daily newspaper publications of July 7 2024, for the registration of such businesses expired on September 5, 2024.

“The Commission notes inadequate compliance with the directive for formalisation when viewed from the background of the large number of PoS operators in the country. Those who have taken steps to formalise in line with the Commission’s directive are commended for their positive attitudes.

“Recalcitrant operators have refused to adhere to the advice for formalisation due possibly, to engagements in unwholesome activities or for some reasons best known to them.

“We are to make it clear that the Commission is working with law enforcement agencies and other relevant stakeholders to deploy comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal consequences.”

The CAC announced in May that PoS agents of major Fintechs in Nigeria including OPay, Palmpay, and Moniepoint, among others, were given deadline of July 7, 2024, to register their business.

Hussaini Magaji, the registrar-general of the CAC, who announced this said this was the agreement with the PoS operators after a meeting in Abuja.

According to Magaji, the registrations are also in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN).

The Commission, however, later extended the deadline by 60 days to September 5, 2024. The extension came with a warning that any operator that failed to meet the new deadline would face prosecution and risk losing the business.

Meanwhile, AMMBAN is insisting that the registration requirements imposed by CAC violated the provision of the Companies and Allied Matters Act, Laws of the Federation of Nigeria, 2004, which “explicitly states that the commission has no jurisdiction over individuals not operating as a company.

According to the General Secretary of AMMBAN, Oluwasegun Elegbede, the matter is already in court and the court has scheduled this September for hearing.

“The court will have to intervene in the interpretation of the quoted section of the CAMA if individuals operating as a sub-agent (likened to a bank branch) must register with CAC,” Elegbede added.

The flagship event, organized by the Lagos Chamber of Commerce and Industry (LCCI), with the theme, ‘New Tech: Threats and Opportunities’, brought together key players in the technology and telecommunications and financial services industries.

This year’s edition reflects Nigeria’s present journey towards a self-sustaining and productive digital economy; highlighting the transformative power of emerging technologies, mitigating the associated risks and exploring the endless possibilities they present.

The focus on fintech and telecoms sectors, evaluating their operations, challenges, yearnings and how to improve their services and productivity derives from the critical way in which they are deeply embedded in our lives today.

During a panel discussion on the impact of regulations on fintech operations and innovation, Emmanuel Abadi, partnerships Specialist at Moniepoint Inc, alongside other industry leaders, made a compelling case for increased collaboration across the fintech ecosystem.

Abadi stressed the importance of finding equilibrium between fostering innovation and implementing necessary regulations to ensure stability and consumer protection in the rapidly evolving fintech landscape.

“The regulatory landscape in Nigeria is evolving in a good way especially to the extent that we have hundreds of fintechs that are driving some of the mandates of the CBN today. At Moniepoint, we are very passionate about powering the dreams of millions of business owners and the individuals that they support and we have seen that financial inclusion has grown and thrived on the strength of existing regulation. We understand the imperative of using regulation as the lynchpin for driving stability in the nation’s economy at large, as well as the need to deepen consumer protection by building systems that will increase the public and regulator’s trust in the services that we as fintechs provide. Thankfully, there are channels in place that facilitate information exchange between the regulators and the players, and this has helped us a great deal,” Abadi noted.

Abadi also took the opportunity to showcase Moniepoint’s significant contributions to advancing the government’s socio-economic agenda, as evidenced by the launch of a definitive report around the informal economy, partnerships with the CAC, SMEDAN and Federal Ministry of Industry, Trade and Investment whilst underscoring the potential of fintech solutions to drive positive change in Nigeria’s financial services landscape.

The discussants also called on the need to have targeted guidelines that cater to the nuances and peculiarities of the fintechs and other innovative players, as against the current practice where majority of the rules in place are the same ones developed and applicable to the traditional financial institutions.

They maintained that regular and collaborative engagement between the fintechs and the regulators can fast track the formulation of regulatory guidelines that will be proactive and grow the industry.

The session which was moderated by Hakeem Olajide, CEO, Ascentree Services Ltd also had Ochanya Dan-Ugo, Director /Group Chief Risk Officer, Unified Payments and Seun Folorunso, AGM Projects & Relationships, FintechNGR as co-panelists .

The two-day expo featured a diverse array of activities, including special presentations, masterclasses, product demonstrations, exhibitions, and pitch sessions.

These events provided attendees with valuable insights into the latest trends and developments in the information and communication technology sector. Special guests at the event included President, Lagos Chamber Of Commerce and Industry Mr. Gabriel Idahosa, FCA; Engr Leye Kupoluyi, Deputy President, LCCI; VP and Chairperson, Trade Promotion Board , Abimbola Olashore and Director-General, Chinyere Almona.

The ICTEL Expo, now in its tenth year, continues to serve as a crucial platform for industry stakeholders to exchange ideas, showcase innovations, and discuss the challenges and opportunities facing the ICT and fintech sectors in Nigeria.

As the fintech industry continues to evolve rapidly, the insights shared at this event underscore the importance of ongoing dialogue between innovators, regulators, and other stakeholders to ensure a thriving and responsible fintech ecosystem in Nigeria.

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.

Similarly, Atanda decried the directive by the Central Bank of Nigeria (CBN) mandating Point of Sales (PoS) operators to register their businesses with the Corporate Affairs Commission (CAC), describing it as an attack on financial inclusion in the country.

He made the comment while appearing on Arise News’ Morning Show.

Atanda also lampooned the CBN’s attempt to regulate the mobile money and banking agency space, noting that the CAC cannot regulate an industry that it does not understand.

He noted that the industry in its entirety is an agenda on financial inclusion and that with large swaths of the country lacking bank branches, the apex bank’s move would have far-reaching negative impacts on people.

“What people see as just POS is an industry and an agenda on financial inclusion. Over 300 local governments in Nigeria are without bank branches. And the largest transactions are happening in the informal sector in Nigeria. And this population are excluded.

“So the POS agents you’re seeing are actually meant to bridge the gap. So the CAC is trying to destroy and attack financial inclusion in Nigeria and it is offending a lot of stakeholders,” he said.

This is coming weeks after the Corporate Affairs Commission formally commenced an enrollment exercise for Point of Sale (POS) agents and operators in Nigeria.

Hussaini Magaji, registrar-general of the CAC, said the exercise was not targeted at just taxing POS operators but also to protect Nigerians against frauding as well as checking banditry.

CAC launches registration point for PoS operators, security agents to go after unregistered operators from July.

Hussaini Magaji, the Registrar-General of the CAC at the launch of registration point for PoS operators noted that fraud in the system is multifaceted and comprises human and technical aspects.

However, AMMBAN president, Atanda said the association is already working with the security agencies and has launched a Joint Tax Force in Lagos.

He said the “task force has all security officers on the same table so that if there are red flags, they would see red flag transactions and we are aware of where they are doing cash out for bandits.

“But the challenge we are having is that we really don’t have ways to escalate them. At times when you arrest criminals, who are going to finance the prosecution? When you alert the banks or service providers about these red flags and suspicious transactions, they won’t arrest them.

They would let them be because they are more focused on their business. That’s why it is important that we work with security operatives. We are working with the IGP, the DSS and even the EFCC,” he said.

He also said that the association has introduced an identity card that can match a POS agent with their device. He said there was something called the terminal identity number (TID) which is a unique identity number. and the identity card displays this unique number.

“We have observed that all the POS agents are operating outside the legal regulation. Like someone under an umbrella is not located at a physical location. So we are educating the populace to use POS agents as physical locations with signage,” he said.

He also said AMMBAN has set up a control map where they can have visibility to all transactions happening on the terminals. He said all fintechs are working with the association on it.

Fasasi Atanda also accused the CAC of trying to deprive POS operators of their livelihoods.

He noted that the industry has created over two million jobs in Nigeria over the last couple of years, 40 per cent of that number being agent bankers.

Describing how much of an impact the industry has had, he noted that the worth of the industry is about N13 trillion, having attracted the largest foreign investment into Nigeria in 2022. A lot of us are filing returns to the CAC so the CAC knows how much we turn over in taxes.

“The challenge is that they are trying to chase a lot of people out of jobs. POS operators are surviving with N20,000 in terms of working capital and you are asking them to come and pay over 15,000 to 20,000 for registration. And every year you are asking them to file returns as individuals whereas they are just branches of existing companies,” he said.

“Most of fintechs don’t operate branches. They leverage sub-agents that act as branches of the banks. So if it is not correct to say a branch of GTB in Egbeda should go and register with the CAC, it is also not correct to ask a sub-agent of Moniepoint or OPay to go and register as a company. That is not what the law says.

“What the law says is that non-individuals operating under companies should register. So if you are operating under Adamu Enterprises, Adamu Enterprises should be in the books of CAC. You must be legally registered. But if you are Adamu Aliyu, Adamu Aliyu is an individual,”

He further said the CAC only cares about taxes and not about whether the registered businesses are surviving the harsh economic climate.

“You can’t regulate what you don’t understand. What you are not part of. CAC has registered about 4.9 million businesses in Nigeria today. Almost 50 per cent of them fail every 5 years. So their concern should be the success and viability of these businesses, not about registration,” he said.

KYCInsight is designed to save businesses and financial services the stress of streamlining KYC (Know Your Customer) operations and authenticating consumer information safely and swiftly.

Here is what we do;

What is Netapps KYCInsight?

KYCInsight is a software service that seamlessly provides verification processes and integration for you and your clients, including driving licences, international passports, BVN, TIN, CAC, and more. 

This service is available via an interactive dashboard and API as a service allowing you to process bulk requests.

Our operations are designed to keep your brand identity intact while dealing with your customers. 

We also prioritise data security, and compliance with NDPR and GDPR policies.

Our Comprehensive Verification Options 

Netapps KYCInsight provides the following verification options;

1. Verification of Driver’s Licence

This feature is a must-have if your services require identification or age verification of your clients.  

With the driver’s licence number, you can check the validity and details of the licence with this feature. 

2. Verification of International Passports 

This service ensures accuracy and credibility of international passport details provided by your clients, using the passport number and type. 

This KYC feature is vital for travel-related businesses.

3. Bank Verification Number (BVN) 

Inaccuracy in BVN checks and customer verification can result in chain-losses for finance-related businesses. Our KYCInsight BVN check is designed to prevent this for your business. 

This feature also uses NIBSS-iGree to ensure that user data is not at risk by using this service.

4. Taxpayer Identification Number (TIN) for Individuals and Businesses

As the name implies, this service is used to verify TINs for individuals and corporate businesses. 

This helps you ensure that your business remains in conformity with tax legislation, prevent fraud and maintain your supply chain integrity.

5. Verification by the Corporate Affairs Commission (CAC)

This service helps you verify if a company is registered in the Commission for Corporate Affairs. 

In order to guarantee that you are dealing with real businesses in your commercial interactions, we do a comprehensive CAC verification which includes all parts of company registration and details of board directors and business addresses.

6. Utility Bill Verification

This service is used to verify utility bills, matching customers to home addresses provided in the utility bill.

7. Enrollment Verification for National Identification Numbers or NINs

This service ensures the credibility of supplied user information by checkmating it with the NIN IDs. 

Features of Netapps KYCInsight

Here are the features that make our service better;  

1. Heightened Safety

Our security features save your business the hassle resulting from incorrect customer information and rule out the possibility of fraud and identity theft that come with it.

2. Improved Customer Trust

Customers prefer to work with companies that prioritise their data protection and safety.

Our services help you improve customer’s trust and faith in your company by allowing them to verify their business and personal identity smoothly and efficiently. 

3. Risk and Compliance Management

Netapps KYCInsight makes sure that businesses and their users comply with data protection policies therefore mitigating any violation that might result from data bridge or information leakage.

4. Maximising Productivity

Our onboarding and integration processes are easy, seamless and programmed to take care of the major work while you and your team invest your time in other tasks.

Conclusion 

Netapps KYCInsight is a user-friendly and efficient platform for comprehensive KYC verification. 

By leveraging our platform, businesses can double up on security, improve customer trust, ensure compliance, and boost operational efficiency.

Visit Netapps KYCInsight for a step by step guide on how to use our product to transform your business.