RayTec Trust Nigeria

Analysis: Is SCUML Certificate a snag to ease of doing business? Ibrahim Magu Chairman, EFCC One of the most important policy thrust of the Buhari administration has been to improve Nigeria’s Ease of Doing Business status around the world. Nigeria, thought to be the largest economy in Africa, is notoriously known for bottlenecks with ease of doing business and ranks as one of the worst in the world. Though, marked improvements has been seen this year, most business still find it challenging to start a business. One common example is what it takes to open a corporate bank account in Nigeria. Currently there are about 14 steps/requirements you will need to provide to open a bank account in Nigeria. Among them is the Special Control Unit Against Money Laundering (SCUML), which by most accounts can take between 7 days to even a month to be obtained. Startups or companies looking to open a corporate account, have often complained about the rigorous nature of SCUML and why they need...