CAC Partners with Palmpay, registers over 219,000 small businesses

•Says we are ready to support federal govt

By Mariam Abeeb

The Corporate Affairs Commission (CAC) has partnered with Palmpay Nigeria Ltd. to register an additional 219,000 small businesses, aligning with the provisions of the Companies and Allied Matters Act (CAMA) 2020.
Hussaini Magaji, the Registrar-General of CAC, announced the initiative at a press briefing in Abuja yesterday.
According to Magaji, it aims to register more than 20 million small businesses by the end of 2024.
In a bid to enforce the law mandating business registration with the CAC for operations in Nigeria, Magaji said its importance and noted the recent collaboration with Moniepoint on February 8, initiating two million small businesses.
“Today, Palmpay Nigeria Limited is handing over 219,000 small businesses for registration to the Corporate Affairs CAC, thereby legitimizing and regularizing and creating jobs for 219,000 youths.
“The CAC, in other words, is creating jobs for 219,000 small business owners,” Magaji said.
Chika Nwosu, the Palmpay managing Director and Chief Executive Officer, said, “We are ready to partner with the CAC in order to support the Government of Nigeria.”
Chika said: “We are bringing a lot of value and services to the citizens of Nigeria and to do this, we are handing over all our agents who are doing business on our platform to CAC.
“We are handing over 219,000 agents on our platform to CAC so they can regularize them, and they will be officially part of the business owners in Nigeria.
“We have over 30 million Nigerians doing business using our app to make transactions because we are a mobile payment platform.
“What we focus mostly on our platform is payments which you can do a lot of things such as pay your electricity, television, water bills, and the rest of it. There are so many other transactional data platforms.”