The verdict in three sentences
Staying informal shuts the door to professional accounts, merchant mobile money accounts, and serious contracts. The choice is simple: stay in the shadows vs register your company with the CAC in 3 to 7 days for a modest fee. In 2026, a Business Name costs 10,000 to 25,000 NGN and immediately unlocks a Paystack or Flutterwave business account.
Stay informal or register: what changes
Informal works for small cash transactions but blocks any move upmarket. Formalization opens the financial and commercial ecosystem.
| Capability | Informal | Registered (CAC) |
|---|---|---|
| Professional bank account | No | Yes |
| Merchant / business payment account | No | Yes |
| Invoice with tax ID | No | Yes |
| Contracts with large firms | Rare | Standard |
| Access to credit / grants | Very limited | Open |
| Client credibility | Low | Strong |
The merchant payment account is often the real motivation: it lets you collect cleanly, under your business name, and separate business and personal cash.
2026 costs and timelines: CAC Nigeria vs CEPICI Côte d'Ivoire
| Status | 2026 cost | Timeline |
|---|---|---|
| Business Name (Nigeria, CAC) | 10,000-25,000 NGN | 3-7 days |
| Company LTD (Nigeria, CAC) | 50,000-70,000 NGN | 3-7 days |
| Sole proprietorship (CI, CEPICI) | 15,000-30,000 FCFA | 24-72 h |
| SARL (CI, CEPICI) | 100,000-150,000 FCFA | 24-72 h |
These amounts are a 2026 order of magnitude, excluding any adviser fees. In Nigeria the CAC portal centralizes filings; once registered, a Nigerian entrepreneur opens a Paystack or Flutterwave business account. In Côte d'Ivoire, CEPICI's one-stop shop unlocks a Wave/Orange Money Business merchant account.
Mini case study
Chidi sells accessories online in Lagos and collects everything on his personal wallet. He loses B2B orders for lack of an invoice and cannot separate his cash. He registers a Business Name with the CAC for around 20,000 NGN in a few days. He opens a Paystack business account, issues invoices with a tax ID, and signs his first contract with an SME worth 600,000 FCFA equivalent that he would never have landed while informal. The registration cost is recovered on the very first professional invoice.
FAQ
Need a professional website?
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How much does registering a Business Name with the CAC cost in 2026?
Expect an order of magnitude of 10,000 to 25,000 NGN, excluding adviser fees. An LTD company runs 50,000 to 70,000 NGN.
Business Name or LTD to start?
For a digital project just starting out, a Business Name is enough and costs the least. An LTD becomes worth it once you have partners or need to protect personal assets.
Does registration really unlock a merchant payment account?
Yes. A formal status lets you open a Paystack or Flutterwave business account, collecting under the company name with higher limits.
How long does registration take?
With the CAC, expect 3 to 7 days. In Côte d'Ivoire via CEPICI's one-stop shop, it is faster, around 24 to 72 hours.
How does the cost compare with Côte d'Ivoire?
A CEPICI sole proprietorship costs about 15,000 to 30,000 FCFA and a SARL 100,000 to 150,000 FCFA. The orders of magnitude stay close for an entrepreneur getting started.
Let's talk about your project. Once your company is registered, we connect your site to a business payment account. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
