PalmPay and CAC Join Forces to Register 219,000 Small Businesses in Nigeria

In an initiative aimed at boosting Nigeria’s economy and fostering financial inclusion, fintech company PalmPay has partnered with the Corporate Affairs Commission (CAC) to register 219,000 small businesses across the nation.

The move comes as part of the CAC’s ambitious goal to register over 20 million small businesses by the end of 2024.

During a recent announcement in Abuja, CAC’s registrar-general, Hussaini Magaji, highlighted the importance of the partnership with PalmPay in enforcing the law mandating business registration.

He stated that the initiative will legitimize and regularize 219,000 small businesses and create jobs for Nigerian youth.

Chika Nwosu, the managing director of PalmPay, reaffirmed the company’s commitment to supporting the government in growing the economy.

With millions of Nigerians subscribing to PalmPay, the fintech company has been a key player in driving financial inclusion in Nigeria since its registration as a Mobile Money Operator (MMO) in 2019.

The partnership between PalmPay and the CAC is significant, as small businesses play a crucial role in global economies.

According to World Bank data, small businesses account for approximately 90% of businesses and more than 50% of global employment.

In emerging economies like Nigeria, formal SMEs contribute nearly 50% of the Gross Domestic Product (GDP).

In addition to the registration initiative, PalmPay offers digital financial tools to help small businesses scale and grow their revenue.

These tools include the PalmPay Business app and Point of Sales (POS) machines, which enable business owners to collect payments from customers.

As a leading player in secure digital payments, PalmPay boasts a network of over 40 million users – representing 1 in 5 Nigerians – who trust the platform to make purchases and pay for utilities monthly.

The company processes up to 15 million daily transactions and $6 billion in monthly transaction value, earning it one of the highest retention rates in the market, with 75% of users returning every month to transact.

The collaboration between the CAC and PalmPay to register 219,000 small businesses is a pivotal step toward Nigeria’s economic growth, particularly in reducing poverty levels.

This partnership is expected to have a significant impact on boosting the economy by providing a more conducive environment for small businesses to thrive.