The Corporate Affairs Commission (CAC) has launched a new Artificial Intelligence-driven registration platform, the Intelligent Companies Registration Portal (ICRP), designed to streamline company registration and compliance processes in Nigeria. The CAC asserts that the ICRP represents a significant leap forward in efficiency, handling over 11,000 cases daily, a stark contrast to the previous manual system. The commission highlighted the portal’s ability to process 8,000 name reservation requests in a single day, a task that previously took a minimum of two weeks. This accelerated pace is a testament to the ICRP’s potential to significantly enhance the ease of doing business in Nigeria. The CAC’s statement comes in response to concerns raised by legal practitioners and business owners regarding alleged glitches and delays experienced on the new platform.
The CAC acknowledges initial challenges associated with the transition to the new system but emphasizes its commitment to continuous improvement and responsiveness to user feedback. The commission dismisses claims that the ICRP hinders the ease of doing business, attributing the reported issues to necessary security enhancements and integration processes. These additions, including mandatory One-Time Passcodes (OTPs) for every transaction, aim to protect user data and prevent unauthorized access, aligning with the provisions of the Data Protection Act 2023. The CAC underscores that these security measures are crucial in safeguarding user accounts and preventing fraudulent activities. The commission also highlights the cost-effectiveness of the new system, allowing users to confirm name availability before proceeding with payment, eliminating unnecessary expenses previously incurred during the manual verification process.
The ICRP’s automation has drastically increased the CAC’s processing capacity. The commission reports handling over 3,000 emails daily, a volume that necessitated the shift towards automation. The CAC assures users that it is actively addressing the “teething problems” identified during the initial rollout phase. The feedback received from stakeholders is being used to refine the system and ensure optimal performance. The commission anticipates that the ICRP will soon operate at peak efficiency, delivering a seamless and efficient experience for all users.
Addressing concerns about registration delays, the CAC clarifies that technical difficulties with the National Identity Management Commission (NIMC) prompted the adoption of alternative verification methods. This adaptation ensures that user data can be verified efficiently, minimizing delays in the registration process. The CAC is also working to expand payment gateway options to facilitate real-time transactions. A request for additional gateways has been submitted and is currently under review. The ICRP currently integrates with trusted partners like Remita for stamp duty and service payments, ensuring secure and reliable financial transactions.
The CAC emphasizes the ICRP’s compliance with the Data Protection Act 2023, highlighting the strengthened security measures implemented to protect user privacy. The mandatory OTP authentication for each transaction is a key component of this enhanced security framework, preventing unauthorized access and ensuring that only the registered account holder can initiate transactions. This measure is designed to curb potential abuse and maintain the integrity of user accounts. The commission reiterates that these security measures are essential for safeguarding user data and promoting trust in the online registration process.
The CAC positions the ICRP as a customer-centric innovation aligned with global best practices and aimed at improving Nigeria’s ease of doing business rankings. The commission views the new platform as a long-term investment in efficient corporate service delivery. The focus remains on establishing robust processes and frameworks that will ensure sustainable and efficient service delivery in the future. The CAC reiterates its commitment to providing a seamless and secure online registration experience for all users.
