Revolutionizing business registration: CAC’s AI-powered system set to transform Nigeria’s business landscape, from hours to minutes

Stanley Ihedigbo writes that the Corporate Affairs Commission (CAC) is revolutionizing business registration in Nigeria with the introduction of an AI-powered system. This innovative technology promises to transform the business landscape by streamlining the registration process and reducing processing times from hours to minutes.

Corporate Affairs Commission (CAC) is embarking on an ambitious reform programme to revolutionize business registration in Nigeria.

At the heart of the initiative is an AI-powered registration system designed to simplify and expedite the business registration process.

With the innovative system, businesses can now register in just 30 minutes, a significant reduction from the previous 24-hour timeline.

The AI-driven portal eliminates human interference, ensuring faster and more transparent processes.

The move is expected to enhance transparency, efficiency, and investor confidence in the Nigerian business ecosystem.

Speaking at the Stakeholders Forum in Lagos, Registrar-General, CAC, Mr. Hussaini Ishaq Magaji (SAN), noted that the commission has implemented several reforms under his leadership which is known as the four-point agenda, including strengthening the company registration portal, developing a combined increase and allotment form, and establishing a recapitalization committee.

“The commission has also introduced POS registration and bulk registration, simplifying registration for FinTech sector businesses.

“Looking ahead, the CAC plans to implement an AI-powered registration system, known as the Intelligence Company Registration Portal (ICRP), which aims to register entities within 30 minutes.

“The system will be available 24/7, allowing customers to register companies from anywhere in the world. The CAC also plans to introduce value-added services, enabling professional firms to integrate with the commission’s database and retrieve information”, he explained.

The CAC boss who was represented by his Senior Adviser, Justine Nidiya, further explained that the commission’s plans are driven by customer demands for faster and more accurate services.

“The CAC recognizes that technology comes with costs and may need to revise its filing fees to sustain its operations. The customer forum provides a unique opportunity for stakeholders to interact with officials, resolve operational issues, and drive further transformation and growth.

“The Commission seeks to partner with its stakeholders to achieve its vision of a modern and efficient registry. We are implementing an AI-powered registration system to register entities within 30 minutes and the system will be available 24/7, allowing customers to register companies from anywhere in the world.

“Customer forum of this nature is a very important activity for any customer-centric organization such as ours. This is a demonstration of our commitment to the ideas and practice of customer service and a proof that the commission has fully embraced and embedded customer service in all its operations, and stakeholders. Engagement of this nature usually serves two significant purposes. One, it allows the organization to obtain feedback from customers on current performance and challenges. Secondly, it gives the organization the opportunity also to communicate innovations and changes that are happening or have happened in the organization.

“This one that we consider as in-person stakeholder engagement, in contrast to virtual engagement has the added advantage of providing a unique opportunity for the customers to interact with officials of the organization on and One basis. Consequently, issues particularly on operations that cannot easily be resolved through virtual engagement will easily be sorted out at this meeting”, he stressed.

In his presentation, the Product Manager, of OASIS Management Company, Mr. Chukwukere Uhuegbulem, said that in a bid to enhance the ease of doing business in Nigeria, the commission is leveraging artificial intelligence (AI) to streamline its business registration process.

“The commission’s initiative aimed to reduce the time it takes to register a business, improve customer experience, and increase productivity”, he emphasized.

According to Uhuegbulem, the current registration process is plagued by manual interventions, which can lead to delays and inconsistencies.

“For instance, the FinTech registration project revealed an average turnaround time of seven days, which is unacceptable given the commission’s goal of providing efficient services.
“To address this challenge, the CAC is deploying AI to automate various aspects of the registration process, including name searches, document analysis, and feedback standardization. By leveraging AI, the commission expects to reduce the time it takes to register a business, improve accuracy, and enhance customer experience.

“One of the key benefits of AI in business registration is faster name searches. With AI, the commission can quickly determine if a name exists or not, and provide instant feedback to customers. This eliminates the need for manual intervention and reduces the time it takes to register a business,” he explained.

He further explained that another benefit of AI is document analysis.

“The commission can use AI to analyze documents submitted by customers, extract relevant information, and verify the authenticity of the documents. This helps to prevent fraud and ensures that only legitimate businesses are registered.

“The CAC is also using AI to provide name suggestions to customers. By analyzing data on existing business names, the commission can suggest alternative names that are similar to the desired name. This feature helps to reduce the number of times customers have to try before finding an available name.

“While AI has the potential to revolutionize business registration in Nigeria, there are concerns about its impact on jobs. However, Uhuegbulem believes that AI will not replace human jobs but rather augment them.

“With AI handling repetitive tasks, human officers can focus on more complex and high-value tasks that require intelligence and judgment. The CAC’s initiative is part of a broader effort to harness the power of AI to improve public services in Nigeria. As the commission continues to explore the potential of AI, it is essential to manage expectations and understand the limitations of this technology. While AI can simplify many processes, it is not a panacea for all problems and requires human intervention to ensure accuracy and fairness,” he narrated.

According to the OASIS Management Company Product Manager, Ultimately, the CAC’s goal is to create a more efficient and customer-friendly registration process that promotes economic growth and development in Nigeria.

“By leveraging AI and collaborating with stakeholders, the commission can achieve this goal and make a positive impact on the business environment in Nigeria,” he stressed.

Stakeholders, which include lawyers and corporate secretaries commended the Commission and assured them of their cooperation and support.