CAC partners Opay to formalise 300,000 Unregistered businesses

In its continued bid to drive compliance and achieve President Bola Ahmed Tinubu’s dream of creating 50 million jobs, the Corporate Affairs Commission has announced plans to formalise 300,000 businesses in the country.

The Registrar-General/CEO of the CAC, Hussaini Ishaq Magaji, revealed on Tuesday during a meeting with the management of Opay Services Ltd.
Magaji recalled that last week the CAC recorded a similar milestone for bringing on board two million businesses through Moniepoint.
The CAC boss, who stressed that operating businesses without registration was criminal under the provisions of the Companies and Allied Matters Act, 2020, said the Commission was providing a window for the unregistered businesses to formalise in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
He therefore reiterated his determination to register 20 million businesses in 2024 to complement the present administration’s efforts to boost the MSMEs sector for economic growth.
While fielding questions from journalists, the RG charged content creators, crypto businesses, and others to ensure that they operate within the rules and regulations governing their operations.
In his remarks, the Managing Director of Opay Services Ltd., Dauda Gotring stated their commitment to bring onboard all their yet-to-be captured agents and merchants, numbering 300,000.
Dauda said Opay’s core mission was to ensure financial inclusion, and they were set to ensure adequate sensitization before the commencement of the exercise.
He added that the formalisation would be beneficial to both the government, operators, and intending Opay customers.

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