CAC, Palmpay register additional 219,000 small businesses

The Corporate Affairs Commission (CAC) has partnered with Palmpay Nigeria Ltd. to register an additional 219,000 small businesses, in accordance 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, adding that the commission had in partnership with Moniepoint last week registered 300,000 businesses.

Magaji said the exercise is in line with the commission’s target to register more than 20 million small businesses by the end of 2024.

“In a bid to enforce the law mandating business registration, today, Palmpay Nigeria Limited is handing over 219,000 small businesses for registration to the Corporate Affairs Commission (CAC), thereby legitimising and regularising and creating jobs for 219,000 youths,” he said.

Chika Nwosu, the Palmpay Managing Director and Chief Executive Officer, said the financial service provider is ready to partner with the CAC to support the government of Nigeria, adding that over 30 million Nigerians subscribe to their services.