The Corporate Affairs Commission has revealed that its newly deployed Artificial Intelligence-driven registration platform, the Intelligent Companies Registration Portal, now handles over 11,000 company registration and compliance cases daily.
The commission made this disclosure in a statement on Sunday, while responding to complaints of poor service delivery and technical hitches on its newly launched AI-powered registration portal.
According to the CAC, the ICRP recently processed 8,000 name reservation requests in a single day, a task that used to take at least two weeks to complete under the old manual process.
The commission attributed the improved efficiency to the introduction of additional security checks, including One Time Passcode authentication, to prevent users from surrendering their access to third parties or operating multiple suspicious accounts.
The CAC stated that the ICRP is a cost-effective system that allows customers to proceed to payment only after securing a company name, eliminating the risk of losing money on checking availability.
The commission also noted that the portal has greatly improved service delivery, handling over 3,000 emails daily, and assured customers that feedback from stakeholders is being integrated to address teething challenges.
The CAC acknowledged that the transition phase came with expected challenges but remains committed to delivering better quality services. “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 commission stated.
Regarding registration delays due to data verification, the CAC explained that glitches from the National Identity Management Commission prompted it to adopt alternative technology to verify users’ details.
The commission has also expanded payment gateway options to ensure real-time payments and has forwarded a request for additional payment gateways.
The CAC emphasised that its new portal complies with the Data Protection Act 2023, introducing stricter access controls to enhance data privacy and curb abuse. The commission described the AI portal as a “customer-centric innovation” built to align with global best practices and improve Nigeria’s ease of doing business rankings.
The CAC’s new AI-powered portal is a significant step towards improving the business environment in Nigeria. With its enhanced efficiency and security features, the portal is poised to make a positive impact on company registration and compliance in the country.
