A mobile money operator, PalmPay Nigeria Ltd., has handed over about 219,000 of its agents for registration at the Corporate Affairs Commission, CAC.
Recall that other operators like Moniepoint had brought in over two million businesses; Opay, over 300,000; and Kudimata, 30,000 businesses for registration.
Speaking during a symbolic hand-over of the agents at the CAC headquarters on Thursday in Abuja, the Registrar-General of the commission, Hussaini Magaji, said regularizing these businesses was in line with President Bola Tinubu’s Renewed Hope agenda.
“We agreed to regularise them in order to achieve the Renewed Hope Agenda of President Bola Tinubu, including job creation, financial inclusion, and access to wealth to the youth,” he said.
According to Mr Magaji, over 2.5 million businesses have been brought for registration so far through this effort.
Mr Magaji noted that the provisions of the Companies and Allied Matters Act, CAMA, made it mandatory for any business taking place in Nigeria to register with the Corporate Affairs Commission.
“Section 863 (2) made it to the extent of criminalising any business taking place in Nigeria without registration.
“And in our drive to ensure compliance, we are able to force registration of small businesses of over 2.5 million so far this year alone.
“Today another company, Palmpay, is handing over 219,000 small businesses for registration. In other words, we are creating jobs for 219,000 youths,” the RG noted.
Speaking earlier, the PalmPay Managing Director, Chika Nwosu, expressed the desire of the company to support the commission to achieve its mandate of formalising the sector.
“Our business is one of the largest in Nigeria, with over 30,000 employees and over 30 million Nigerians doing businesses and using our application to do various transactions.
“We are ready to partner with the CAC and to support the government of Nigeria by introducing most of our agents who are doing businesses on our platform and using our POS.
“We have over 219,000 agents on our platform to hand over to CAC today,” Mr Nwosu said.
