KEY POINTS

• CAC and NIBSS have made available a new API platform for accessing verified company data to a few chosen “super agents.”
• By integrating, countries help with AML/CFT, as well as improve how businesses are run and services delivered online.
• The Nigerian Data Protection Act 2023 requires organizations to take strict measures to protect people’s data.

The CAC, in cooperation with NIBSS, has introduced a secure API integration service to offer people access to reliable business information and support digitalization.

Now, certified private businesses known as “super agents” can gain access to the CAC database at regulated prices. That means the policy has shifted from allowing such access to only a few government agencies in the past.

Improving business operations and satisfying regulations

Magaji told the audience in Abuja that customers’ demand for easier and faster access to CAC services prompted the agency to launch the initiative.

“Now, we are providing CAC services directly to our customers by working with organizations such as NIBSS,” Magaji explained.

He explained that virtual assets would develop Anti-Money Laundering and Countering the Financing of Terrorism measures and additionally support efforts to make doing business in Nigeria easier.

Ensuring data protection

Magaji emphasized that the integration process fully met the requirements of the Nigerian Data Protection Act. He assured that sensitive information such as phone numbers, home addresses, and email addresses will remain protected from public view and may be subject to access restrictions.

First group of super agents

Moreover, those super agents who can access the platform are NIBSS, Moniepoint, Opay and Oasis Management Company Limited. With the API, these organizations can collect and alter company information, helping them give better services to their clients.

With the new system, all interested parties can now obtain better verified data about businesses, Magaji said.

NIBSS has given its support to the cooperation between CAC and NIBSS

Ngover Ihyembe-Nwankwo, the Executive Director of Business Development at NIBSS, said the launch is crucial for Nigeria’s digital economy.

“As a result of this service, anyone can now safely and easily use data verification,” said the founder. From here, service delivery across Nigeria will be guided by access, further advancement and trust.

He further noted that the initiative helps NIBSS reach its aim of making interoperability, costs and digital transformation easier in Nigeria’s financial sphere.

The opinions of various stakeholders and the impact expected in CAC and NIBSS integration

Finally at the event, professionals from various industries said that the partnership represents a new era for businesses in Nigeria and a key step toward organizing the government around citizens.

The CAC-NIBSS integration should inspire the private sector to create new ideas for improving how Nigeria delivers public services, boosting trust, transparency, and efficiency.