July 21, 2024

CAC Announces 24-Hour Business Registration Portal, Urges Unregistered Businesses to Act Swiftly 




Michael Nwabufo, the ambassador for the Corporate Affairs Commission (CAC), has announced a significant advancement in business registration processes in Nigeria.


Speaking to the press on Monday, Nwabufo revealed that business registration can now be completed within 24 hours through a newly launched Special Registration Portal (SRP).

Highlighting the urgency, Nwabufo urged business owners to utilize this streamlined service before the mandatory business registration deadline of July 7, set by both the CAC and the Central Bank of Nigeria (CBN). “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 stated.


The SRP is designed to facilitate quick and convenient registration, enabling businesses to receive their documentation within a day. Nwabufo emphasized the system’s ease of use, noting that registrations can be completed directly through mobile banking apps.


Encouraging prompt action, Nwabufo said, “Business owners should take advantage of the SRP immediately to ensure timely registration and avoid any potential penalties for non-compliance.” He also directed business owners to visit the official CAC website or their banking app for more information.


In a related development, the CAC and financial technology companies had previously agreed on a two-month timeline for registering merchants and agent bankers, commonly known as PoS operators. The July 7 deadline aligns with legal requirements and CBN directives, ensuring full compliance within the sector.

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