Connect with us


CAC Starts registration of two million small businesses

The Corporate Affairs Commission (CAC) has launched a major initiative to register two million small businesses across Nigeria, marking a significant step towards formalizing the sector and unlocking its economic potential. Partnered with Moniepoint, this ambitious drive aims to achieve multiple goals: stimulating economic growth, fostering regulatory compliance, and generating additional tax revenue for the government.

Informal Powerhouse Seeks Formal Recognition

Small businesses are the backbone of the Nigerian economy, contributing an estimated 50% of GDP and employing millions of citizens. However, a large portion of this sector operates informally, hindering its growth and limiting its contribution to the national economy. By bringing these businesses into the formal fold, the CAC hopes to unlock their full potential and create a more vibrant and sustainable economic landscape.


Streamlined Registration for Easier Compliance

The registration process is designed to be simple and accessible, with Moniepoint serving as a key facilitator. Businesses can register online or through designated centers across the country, with minimal documentation required. The initiative targets micro, small, and medium-sized enterprises (MSMEs) operating in various sectors, with specific criteria outlining eligibility. The registration drive is expected to run for a set period, aiming to achieve the ambitious target of two million registrations within the timeframe.

Partnerships Pave the Way for Success

Moniepoint’s extensive network and experience in financial inclusion play a crucial role in reaching out to the vast number of unregistered businesses. Additionally, collaborations with government agencies and other stakeholders are expected to further streamline the process and raise awareness about the initiative.

Formalization: A Pathway to Growth and Prosperity

Formalizing two million businesses holds immense potential for the Nigerian economy. Increased tax revenue can fund vital public services, while improved access to finance, credit, and government support can empower small businesses to grow and create jobs. This initiative is expected to unlock new opportunities for entrepreneurs, contribute to financial inclusion, and ultimately lead to a more robust and diversified economy.

Challenges and the Road Ahead

Despite the potential benefits, challenges remain. Reaching out to unregistered businesses in remote areas and ensuring their awareness of the initiative requires sustained effort. Additionally, streamlining the registration process while maintaining data integrity is crucial. Addressing these challenges effectively will be essential for the success of this ambitious undertaking.

Quotes for Credibility

“This initiative marks a watershed moment for small businesses in Nigeria,” said Alhaji Garba Abubakar, Registrar-General of the CAC. “Formalization will empower our entrepreneurs, unlock economic growth, and generate much-needed revenue for the nation.”


“We are proud to partner with the CAC in this transformative effort,” said Nkechi Obi, CEO of Moniepoint. “Our extensive network and commitment to financial inclusion will be instrumental in reaching millions of unregistered businesses and bringing them into the formal sector.”

“This is a positive step towards a more vibrant and sustainable economy,” said Adebola Jones, President of the National Association of Small and Medium Enterprises (NASME). “We urge all eligible businesses to take advantage of this opportunity and formalize their operations.”


The CAC’s initiative to register two million small businesses is a bold step towards formalizing the sector and unlocking its immense potential. With streamlined processes, strategic partnerships, and a focus on overcoming challenges, this initiative has the potential to transform the Nigerian economy and empower millions of entrepreneurs. The success of this ambitious drive will be closely watched, marking a potentially pivotal moment for the nation’s economic landscape.

Facebook Comments

TAGiAfrica™ is a Web3 Magazine that is documenting the African journey in the crypto and blockchain industry for over a decade. We are the Pan-African magazine that covers business, technology, Blockchain, Crypto and Innovation.We are the essential resource for anyone who wants to stay up-to-date on the latest trends in Africa. The magazine is also a valuable resource for businesses that are looking to expand into Africa and committed to promoting African entrepreneurship and innovation.

Advertisement Build your website!


Watch Our Channel



Blockchain4 days ago

FG Re-Arraigns Binance on Tax Evasion Charges

The Federal Government of Nigeria has re-arraigned the cryptocurrency exchange platform Binance on charges of tax evasion. This move is...

Featured4 days ago

“Chatter App Is Live,” Davido Jubilates as He Launches His Own Social Media Platform

Nigerian superstar Davido has officially launched his own social media platform, Chatter, marking a significant milestone in his career and...

How to Startup5 days ago

i’SUPPLY Raises Pre-Series A Funding Round, Securing $2.5 Million to Expand Tech-Enabled Pharmaceutical Distribution Platform

i’SUPPLY, a leading Egyptian startup specializing in tech-enabled pharmaceutical distribution, has successfully closed a pre-Series A funding round, bringing its...

APPLY NOW5 days ago

Open Startup Launches OST Programme to Accelerate African Startup Ecosystem

Open Startup (OST) is proud to announce the launch of the OST Programme, a groundbreaking initiative developed in collaboration with...

APPLY NOW7 days ago

10k2Startup Invites African Startups to Apply for Funding and Strategic Support

10k2Startup, an innovative initiative founded by Julius Nkansah Owusu-Kyerematen, head of multi-channel mid-market skills at Google, announces the launch of...

IN THE NEWS1 week ago

Telecom Egypt and 4iG Group Join Forces to Build Egypt’s Future-Proof Fibre Network

Telecom Egypt and Hungarian IT solutions provider 4iG Group are embarking on a transformative joint venture to construct a state-of-the-art...

How to Startup1 week ago

Nala Raises $40 Million to Expand Beyond Remittances, Become Africa’s Cross-Border Payments Leader

Nala, a remittance startup rapidly evolving into a comprehensive payments platform, has secured a massive $40 million equity investment in...

IN THE NEWS1 week ago

Botswana Launches First Satellite BOTSAT-1 Set for Launch in 2025

Botswana is taking a giant leap into the cosmos with the development of its first-ever satellite, BOTSAT-1. This ambitious project,...

Crypto1 week ago

Nigeria plans Indigenous Blockchain “Nigerium” for Data Sovereignty and Security

Nigeria is taking a significant step towards data security and national sovereignty with the proposed development of its own blockchain,...

IN THE NEWS3 weeks ago

Flutterwave Streamlines Workforce: 30 Employees Let Go Amidst Strategic Shift

In a move that has sent ripples through the African fintech industry, Flutterwave, the continent’s leading payments technology company, has...

IN THE NEWS3 weeks ago

Andela Unveils Code Playback Feature, Revolutionizing Tech Recruitment in Africa

Andela, a renowned platform connecting businesses with top-tier remote software developers across Africa, has taken a significant step forward in...

IN THE NEWS3 weeks ago

Nigeria Content Creators Set to Gather at the Content Con Lagos

Nigeria Content Creators Set to Gather at the Content Con Lagos. Get ready for the most anticipated event in the...

East Africa1 month ago

Bolt and Uber Threaten Kenya Exit Over Proposed Taxes

[Bolt and Uber] Kenya’s vibrant ride-hailing scene, a symbol of the nation’s burgeoning digital economy, is facing a potential downpour....

East Africa1 month ago

Rwanda: Going Digital with its own Currency in 2026

Rwanda, a nation renowned for its breathtaking landscapes and remarkable resurgence after a devastating conflict, is now setting its sights...

East Africa1 month ago

Kofa Powers Up: E-Motorcycle Expansion to Kenya and Togo

Ghanaian startup Kofa, a pioneer in battery network solutions, is set to expand its innovative battery swapping solution to Kenya...

IN THE NEWS1 month ago

Seamfix Expands: Digital ID Revolution Coming to 5 More African Countries

Nigerian digital identity startup Seamfix is set to expand its operations to Ghana, Kenya, South Africa, Ethiopia, and Uganda following...

IN THE NEWS1 month ago

Kimberly-Clark Wraps Up Nigerian Exit After Layoffs

Huggies diaper maker Kimberly-Clark is swiftly shutting down its Nigerian operations following its exit announcement last week. Nearly 90% of...

IN THE NEWS1 month ago

Copia Global Sacks 1000 Employees and Restructuring

Kenyan e-commerce startup Copia Global, despite laying off over 1,000 employees this week, remains determined to stay afloat. The company...

IN THE NEWS2 months ago

Bolt Introduces Bidding System for Drivers and Riders in Nigeria

Bolt, a ride-hailing company offering services in over 45 countries, including Nigeria, has shaken things up in the Nigerian market...


Africa Africa
East Africa2 months ago

Breaking Free from Waste: Africa’s Fight for a Sustainable Future Through Minimalism

In today’s fast-paced world, the concepts of minimalism and sustainable living have emerged as powerful antidotes to consumerism and environmental...

Blockchain2 months ago


The key to overcoming the challenges in logistics and supply chain management (SCM) operations in Africa lies in standardizing indigenous...

Editorial2 months ago

Top 10 Lucrative African Tech Sectors to Invest in 2024

Africa has been experiencing a rapid growth in technology in recent years, with many opportunities for investors in the tech...

Artificial Intelligence3 months ago

Llama 3: Meta’s AI Assistant Gallops into Africa, Bringing Connection and Controversy

Meta, formerly known as Facebook, is a tech giant synonymous with social connection. Boasting over 3 billion monthly active users...

Editorial3 months ago


Investors have multiple strategies at their disposal to construct and broaden their portfolios, aiming for financial success. One emerging trend...

Editorial3 months ago


Financial literacy entails grasping and proficiently applying a range of financial competencies, such as managing personal finances, crafting budgets, and...

Editorial3 months ago

Investing in a Volatile Market: Strategies for Success in 2024

In today’s world, investing in a volatile market can be a daunting task. With geopolitical tensions simmering, economic uncertainties looming,...

Editorial3 months ago


Education is a fundamental entitlement for all individuals, irrespective of their situation or origin. However, in Nigeria, the endeavor to...

Editorial3 months ago

Pandemics: A Looming Shadow – Have We Learned Enough Since the Last Crisis?(2024 Updated)

The specter of pandemics has haunted humanity for millennia. From the bubonic plague’s merciless scythe that ravaged Europe in the...

health health
Editorial3 months ago

Empowering Your Health: A Guide to Thriving in the Digital Age (2024 Update)

The digital age has ushered in a revolution in how we access information, and the realm of nutrition and health...