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Product Updates

May 16, 2024

10 mins read

How to Register a Business Name in Nigeria with the CAC on your Moniepoint Business Banking App

by Moniepoint MFB

cac business name.png

Have you noticed a sudden change in your business name to your BVN name on your Moniepoint Business Banking App? Don't worry; we're here to explain. 

The Central Bank of Nigeria now requires every business that wants to operate a bank account with its business name to register with the Corporate Affairs Commission. 

The good news is that you can now complete this registration process using your Moniepoint Business Banking App for 19,000 naira. Rest assured, it's a secure, reliable, and trusted way to register your business name. 

In this article, we'll explain the CAC, the benefits of registering your business name, and how to do it on the Moniepoint Bank app. 

What is the Corporate Affairs Commission (CAC)?

The Corporate Affairs Commission is the Nigerian government body responsible for regulating, incorporating, registering, and managing the formation of companies in Nigeria. 

The CAC was introduced in 1990 with the passing of the Companies and Allied Matters Act, which grants a proprietor or partner the right to conduct their business under a business name.

Note that Individuals/Proprietors can register business names without the services of a legal practitioner, chartered Accountant, or Chartered Secretary.

CAC-Logo.jpeg

(Source)

Benefits of Registering Your Business Name with the Corporate Affairs Commission

Why should you register your business name with the CAC on the Moniepoint Business Banking app? There are numerous benefits of doing so, and some of them include the following:

1. You receive a Certificate of Registration

When you successfully register your business with the Corporate Affairs Commission through your Moniepoint Banking app, you automatically receive a certificate of registration. This certificate of registration comes in handy for various authentication and verification processes. Fortunately, you can obtain your CAC e-certificate without walking into a nearby CAC office.

2. Boost Your Businesses' Trustworthiness

As a business, what matters most is your ability to gain the undivided trust and loyalty of your customers. Having a CAC-registered business name improves your trustworthiness, thereby making your customers more at ease, knowing the business can be tracked. Your customers feel safer paying into your Moniepoint Business account with your registered business name than a personal account. Just that proud-looking certificate hung on the wall of your business place shows the right authority that customers look out for.

3. Flexibility

Registering your business name in Nigeria quickly with just a few clicks on your Moniepoint Business Banking App takes your business flexibility to a new level. As a business owner, you receive your CAC certificate and functional banking account to conduct your business with ease and peace of mind. 

4. Your Business Becomes a Separate Legal Entity

When you register your business name with the CAC, it becomes a separate legal entity recognisable by the law. This means that the law regards your business as independent of members controlling it. It also means that the business can sue or be sued and carry out financial transactions as a separate entity.  

5. Your Business Attracts Investors

The chances of your business attracting investors become higher when it is christened with a CAC-registered name. Most investors feel assured investing in a registered business instead of an unregistered one. This ultimately gives your business greater chances of raising significant capital, granting you an edge over your competitors.

6. It Saves your Business from Sanctions and Liabilities

Running your business with a registered business name is mandatory in Nigeria, and by doing so, you save your business from sanctions and complications. 

Additionally, you can protect your business as a private liability company from liabilities such as paying back loans and fines with personal funds. This is because the law views your business as a separate entity under the eyes of the law.

How to Register a Business Name with the CAC on your Moniepoint Business Banking App

You can register your business name on the Corporate Affairs Commission website, but as a Moniepoint Business account holder, we've added the registration right on your app. 

Simply follow the steps below to begin; 

1. Log in to your Moniepoint Business Banking dashboard and click on the CAC registration banner at the top. 

Moniepoint Business Name CAC.png

2. After clicking on the banner, you'll see a page showing your business information. The information contains details such as the registration cost and a list of documents the CAC requires for your business name registration.

Moniepoint CAC Business name 2.png

3. Once you see the requirements displayed and wish to continue, click on "proceed". You'll see a page where you can select the type of business registration you want to perform. However, on the Moniepoint Business Banking app, you can choose only the "business name registration" option.  

Moniepoint CAC Business Name 3.png

4. To proceed to the next step, you need to have successfully. If you haven't done so, you'll receive an error message preventing you from continuing.

Moniepoint CAC Business Name 4.png

5. Once you have linked your NIN to your business account, you can proceed to a page where you'll be required to provide your business information.

Moniepoint CAC Business Name.png

Moniepoint CAC Business Name.png

The details you'll be required to provide of your business include;

  • Date of commencement: this refers to the date you reckon your business started as a business owner.

  • Business Category & Subcategory: 

    • This refers to the business sector that your business operates in.

    • The business category selected influences the subcategories that you can choose.

    • Not all Business categories and subcategories are allowed to register business names; therefore, a validation check will confirm that the selected business category and subcategory are eligible for registration. 

  • Business Description.

    • This refers to the description of the business in your words as the business owner.

    • The business description content must be at least 30 characters and at most 160 characters.

    • The CAC would flag keywords within the business description that are related to the disallowed business categories and subcategories.

  • Staff size.

    • This refers to the number of employees in the business.

    • You will be allowed to choose from a list of ranges.

  • Source of funds.

6. After providing your business information, you will then be directed to the next page, where you can choose your preferred business name. 

You will be required to provide two names you wish to name your business, which will be verified to ensure that no other Moniepoint customer has the same name pending verification. 

The names will also be verified to ensure that they don't contain prohibited words and that they haven't previously been registered with the CAC. You'll know if your names are okay to use if you are allowed to proceed to the next stage after clicking "continue."

Moniepoint CAC Business name 7.png

7. The next step will be for you to provide some personal information relevant to the registration with CAC. Some of the required fields are:

  • Gender

  • Nationality

  • Occupation

Moniepoint CAC Business Name.png

8. On the next page, you'll be required to upload a valid means of identification, such as your NIN document, driver's license, or Voter's card.

Moniepoint CAC Business name.png

9. Next, input your business address in the required field. You can also use your residential address if the details are already in your Moniepoint business bank app.

Moniepoint CAC Business name.png

10. Then, you proceed to the next page, the Attestation page. You'll see the details you filled out on this page while completing the business name registration process. 

This step allows you to review your inputted details and edit them if necessary before submission. Once you are satisfied with the displayed information, click "I Attest." 

After this, your information is submitted to the CAC business registration service. However, if incorrect information is flagged, you won't be allowed to proceed to the final step until you rectify it. 

Moniepoint CAC Business name.png

11. Once the business registration service successfully sends and receives your information, you'll be navigated to the "Payment Page." 

On this page, you will see information about the payment you will make for your business name registration, your current account balance, and the account from which the payment will be debited. 

  • If you are satisfied with the payment information, you can then click on the "Confirm Payment" Button to process the payment.

  • If the current Available balance is insufficient for the transaction, you will be informed, and the "Confirm Payment" button will be greyed and inactive.

  • Suppose the system encountered an error while processing the transaction or the transaction failed from your Moniepoint business account. In that case, you will get an error message and will not be allowed to proceed.

Moniepoint CAC Business name.png

Moniepoint CAC Business name.png

If your payment transaction is successful, you'll be shown a page that shows that your request has been successfully processed and is in a pending state at CAC.

Moniepoint CAC Business name.png

12. When you click on "Continue to Dashboard" or login to the app, you will be navigated to your dashboard. 

Here, you will no longer see the CAC Business Registration banner; rather, an "alert" banner showing that your business name registration has started will be displayed. 

The alert displayed below will show only for a business owner who has successfully submitted their information to Moniepoint to be sent to CAC and made payment.

Moniepoint CAC Business name.png

In the case where you have attested to your information but are yet to make payment, you'll see the following alert below;

Moniepoint CAC Buisness name.png

13. If the CAC has approved any of your preferred business names, you'll see an alert like this shown below

Moniepoint CAC Buisness name.png

Once you click on the "Download Certificate" button, you will be shown the approved business name, and your CAC Registration certificate will be downloaded to your device.

14. If the registration failed and your application was rejected, you will receive an alert on your dashboard stating so. Once you click on the "view details button", you will see the complete details.

Moniepoint CAC Business name.png

Bottom Line

And it's as easy as that! With Moniepoint Business Banking, you can easily register your business name and get it approved from the comfort of your dashboard. 

Register your business name with the CAC to boost your credibility, and let nothing stand in the way of smooth and flexible business transactions.

FAQs

1. How much does it Cost to Register Your Business Name with CAC on the Moniepoint Business Banking App?

You can register your business name on the Moniepoint Business Banking app as a Moniepoint account holder for a fee of 19,000 naira.

2. Can I register my business name with CAC myself?

Yes, you can register your business name with the CAC yourself by clicking on the CAC registration banner on your Moniepoint business banking dashboard.

3. How long will it take for my Business Name to be Registered with CAC on the Moniepoint Business Banking Dashboard?

You can get your CAC-registered business name on your Moniepoint business banking app after five days.

4. What documents are required for CAC business name registration on the Moniepoint Business Banking App?

The Business details and documents you'll be required to submit for your CAC business name registration include:

  • Date of commencement.

  • Business Category & Subcategory.

  • Business Description.

  • Staff size.

  • Source of funds.

  • Valid Identification documents like NIN, Driver's license, or Voter's Card

5. How do I know if my CAC registered business name is ready on my Moniepoint Business Banking app?

You'll see an alert on your Moniepoint Business Banking App dashboard if the CAC approves your preferred business names. You'll also receive an email notification containing the name registration certificate and status report document as an attachment.

6.  If my CAC business name registration fails, what happens to the 19,000 naira I paid? Do I have to pay another, or can I proceed to correct my application details without paying again?

If your CAC business name registration fails, you will not be required to make payment again, except if it was refunded during the application process.

7. What type of Business registration does Moniepoint Business Bank Offer?

Currently, the “business name” registration is the only business registration type we currently facilitate. 

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