Corporate Affairs Commission & NIBSS set to collaborate to enhance MSME’s ease of business in Nigeria

As part of continued strides towards facilitating collaboration that supports financial inclusion for MSMEs, NIBSS Executive Management met recently with the Director General, Corporate Affairs Commission at the commission’s head office in Abuja with a view to engaging further on a range of initiatives.

During the meeting, the Registrar-General emphasized the importance of collaboration between the two organizations, particularly in driving compliance with the payment of annual returns, which serve as indicators of the operational status of companies under CAMA 2020.

Magaji disclosed that the Commission is actively working on implementing electronic notifications to remind companies of their annual return filing deadlines, a move aimed at enhancing compliance with regulatory requirements.

He further advocated for robust collaboration, extending beyond the mere registration number of companies, to include initiatives like the RC Number Validation service proposed by NIBSS.

In response, Premier Oiwoh reiterated NIBSS’s commitment to collaboration, citing the RC Number Validation service as one of the areas of focus. He highlighted NIBSS’s recent achievements, including the successful launch of AfriGO, a domestic card scheme, made in Nigeria, for Nigerians.

Oiwoh emphasized the importance of leveraging expertise to enhance services and promote compliance, ultimately fostering economic growth and development.

NIBSS, established 30 years ago, is owned by all licensed banks, including the Central Bank of Nigeria (CBN). The organization plays a pivotal role in facilitating inter-bank payments, eliminating bottlenecks associated with fund transfers and settlements.

The partnership between CAC and NIBSS signifies a significant step towards enhancing regulatory compliance and fostering a conducive business environment for sustainable growth and development in Nigeria.