The Corporate Affairs Commission (CAC) says it will begin the use of Artificial Intelligence (AI) to conduct verification of proposed names for registration in Nigeria next week.
The Registrar General of the CAC, Hussaini Magaji (SAN) disclosed this on Wednesday at the CAC headquarters in Abuja.
The CAC was established under the Companies and Allied Matters Act (CAMA) 1990 and empowered under Section 7 of the Act for the regulation and supervision of the formation, incorporation, management and winding up of companies, and to register business names and incorporated trustees, among others.
Magaji said the need for AI to replace human verification was to make name verification smooth and efficient so that registrations can be concluded within 1 hour.
The RG, who assured that the commission has manual records of businesses registered since colonial times upon request, added that despite the automation of the CAC registration since 2001 about 4 million businesses still struggle to update on the system.
He said the commission received a request from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the NYSC Foundation to register some “informal businesses” , which will help to address fraud in informal business and would cover the FINTECH and POS operators.
Source: dailytrust
