The Corporate Affairs Commission (CAC) has partnered with the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) to advance the formalization of unregistered businesses and enhance financial inclusion across the country.
This announcement was made during a meeting in Abuja, where the Registrar-General/CEO of CAC, Hussaini Ishaq Magaji, who was represented by Director Compliance Justin Nidia Biraol. Magaji emphasized the importance of business registration as a key driver for economic growth, highlighting the Commission’s dedication to supporting businesses at every level, from local to multinational.
Dr. Obioha Oti, Acting National President of AMMBAN, acknowledged the earlier oversight in including their members in the formalization process but assured that this gap was being addressed. The association’s leaders, including Vice President 2 Adeyemo Yusuf, reiterated AMMBAN’s role in promoting financial inclusion through mobile money and e-payments, especially for underserved communities.
In a bid to encourage their 250,000 members to formalize their businesses, AMMBAN requested a reduction in registration costs. The partnership marks a significant step towards facilitating cashless transactions and supporting the federal government’s financial inclusion policy, with a focus on empowering grassroots entrepreneurs and promoting the growth of Micro, Small, and Medium Enterprises (MSMEs).
Both organizations expressed commitments to collaborative efforts, ensuring that financial inclusion and business formalization remain central to Nigeria’s economic development.
