The Corporate Affairs Commission (CAC) has announced significant progress with its newly launched AI-powered Intelligent Companies Registration Portal (ICRP), which now manages over 11,000 company registration and compliance requests daily.
This announcement came in response to user concerns regarding technical issues and service delays during the portal’s initial rollout. Despite these challenges, the CAC emphasized that the system is already streamlining formerly time-consuming processes. For instance, the ICRP recently processed 8,000 name reservation requests in a single day—a process that previously took up to two weeks under the manual system.
Improved Efficiency and Enhanced Security Measures
The CAC attributed the platform’s enhanced performance to newly introduced features such as One-Time Passcode (OTP) verification, which improves access security and curbs misuse by preventing unauthorized third-party access or the operation of multiple suspicious accounts.
Designed with cost-effectiveness in mind, the portal ensures users only proceed to payment after successfully reserving a company name, thereby minimizing the risk of failed or unnecessary transactions.
Customer Support and System Enhancements
The commission also noted that the ICRP is equipped to handle over 3,000 customer support emails daily, with feedback from users actively being used to refine the platform’s functionality. While acknowledging the growing pains of digital transformation, the CAC reiterated its commitment to service excellence and continuous improvement.
“We are not unmindful of complaints, but we are fully committed to delivering better quality services. The portal will soon perform optimally as a true champion of service excellence,” the CAC assured.
Tackling Data Verification and Payment Challenges
To address delays linked to user data verification, the CAC revealed that glitches from the National Identity Management Commission (NIMC) prompted the adoption of alternative technologies to verify user identities more reliably. The portal has also expanded payment gateway options and requested further integrations to facilitate real-time payments.
A Leap Toward Compliance, Privacy, and Business Ease
In alignment with the Data Protection Act 2023, the ICRP incorporates stricter access controls and enhanced data privacy protocols. According to the CAC, the portal is a “customer-centric innovation” designed to align with global best practices and bolster Nigeria’s ease of doing business rankings.
As Nigeria’s corporate compliance environment evolves through AI and automation, businesses must stay ahead of regulatory changes. Our team of tax and business advisory experts can help you navigate company registrations, compliance filings, and the evolving digital landscape with confidence.
For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.
