Amid rising fintech signups, CAC fights backlash over downtimes

The Corporate Affairs Commission (CAC) is fighting back allegations of service failures amidst a record surge in fintech registrations in Nigeria. 

Social media platforms have been ablaze with claims of delayed processing times and inconsistent application reviews, prompting widespread criticism of efficiency of Nigeria’s Federal agency responsible for registration of businesses.

CAC says accusations unfounded and malicious

In response to the mounting outcry, the CAC issued a statement denying the accusations, labeling them as unfounded and malicious attempts to discredit its reputation.

CAC said it committed to upholding transparency and efficiency in handling the unprecedented volume of applications, which currently stands at 15,000 per day, according to the statement by the government agency.

“The Commission wishes to categorically state that the information is absolutely false and targeted at desecrating the hard-earned reputation of the Commission, especially at a time when the Commission is receiving more accolades from both the government and key stakeholders,” according to CAC.

CAC added that the controversy arises amidst the commission’s efforts to streamline the registration process for fintech companies, including the introduction of Application Programming Interface (API) and a dedicated Special Registration Portal (SRP). These initiatives, the agency said, were intended to expedite the registration of agents, merchants, and individuals involved in fintech operations.

In light of the controversy, the CAC has urged the public to report any instances of procedural misconduct or attempts to compromise the integrity of the registration process. The commission has pledged to investigate all reported cases thoroughly and take appropriate disciplinary actions against any staff found engaging in misconduct.