CAC Registers Opay Financial Services and Agents


The sun has shone on Opay financial services and its 300,000 agents and Marchant across the country as the Corporate Affairs Commission (CAC) kicks off their registration process.

Speaking while hosting the Management of Opay in Abuja, the Registrar General of the CAC, Isha Hussaini Magaji SAN said the registration of the financial businesses is to encourage inclusion for economic growth; adding that in line with Company and Allied Matters Act, every business operating in the country has to be registered with the Commission.

“Last week, we had to accommodate over 2 million small businesses, and today we are here to accommodate Opay services and affiliated businesses with the aim of encouraging business start-up in Nigeria.”

The Registrar seized the opportunity to call on content creators and Social Media Influencers to do the needful and register their businesses as well, adding that ignorance of the law is not an excuse.

“It is stated in the company and Allied Matters of 2020 that for any business to take place in Nigeria, if you are doing a business, whether with your name or with another name or for any transaction that you are doing that is bringing in money, you must register.

“If you are a content creator on the internet, you have followership and you are gaining from it, you must register. That’s the provision of the law, and we are all out to enforce the provision of the law.

“If you are to go now and apply our law strictly, these names should be penalised from the day they started the business without our registration day by day. That’s what the law requires.

“But we decided in line with the president’s renewed hope agenda to provide jobs,and to provide access to wealth, we decided to regularise and accommodate it into the system,” he stated.

The Executive Director of Opay, Dr Maxwell Loko commended CAC for accommodating the organisation alongside over 300,000 business, though they came late for registration.

“For any business to be registered, you must do what is required by the law. But you know, most of these people we are trying to capture now are businesses that have been operating as individual roadside businesses.”

He assured that the business and its more than 300,000 agents will do what is needed to be fully registered.












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