CAC, Palmpay Partner to Formalise 219 Businesses

The Corporate Affairs Commission (CAC) today said it has achieved the formalisation of close to 3 million unregistered businesses in less than two weeks.

The newest among them are 219 thousand unregistered businesses operating under the umbrella of the mobile money operator.

The Registrar-General/CEO of the Corporate Affairs Commission (CAC), Ishaq Magaji stressed that the development was a further boost to the present administration’s agenda for job creation, financial inclusion, and access to wealth for the youth to ensure economic growth.

He stressed that the action was to enhance compliance, fight crime, and give access to wealth to the youth.

In his remarks, the Managing Director of Palmpay Nigeria Ltd., Chika Nwosu, said they were handing over 219 thousand unregistered businesses for formalisation.

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