Finance
CWG, GRG Banking out to change ATMs experience in Nigeria


The leader in systems integration in Nigeria, CWG Plc and a leading high-tech company out of China, GRG Banking; have inked an agreement to support the Nigerian Apex Bank, CBN, in changing the narrative on financial inclusion by 2020.
The innovative companies at this time have set about providing Nigerian financial institutions with the best-in-class Automated Teller Machines (ATMs) that will ease the burden of functionality, efficiency and accessibility of funds for the populace.
According to reports, one of the greatest challenges the Apex bank, CBN has been faced with has been closing the gap between the financially excluded Nigerians, which stood at 46 per cent in 2010, with the aim of reaching a 20 per cent in 2020.
Apparently, as at last count this 2018, it has achieved a 5 per cent reduction in 8 years which makes it glaring that some support will be needed from other financial experts; likes of CWG and GRG Banking, to help achieve this laudable goal of bringing everyone to a digital platform where financial transactions for the payment for goods and services are done electronically through various electronic channels that are efficient, affordable, safe and secure; delivered in a responsible and sustainable way.
Meanwhile, GRG Banking is a subsidiary of Guangzhou Radio Group (GRG); a state owned organisation which ranks TOP100 IT companies in China with businesses covering many areas; such as smart transportation solutions, public security with AI technologies like biometrics identification, image and video analysis, big data, and much more.
This Banking subsidiary offers financial self-service products, solution and service area and has successfully deployed her products and solutions in Nigeria for the past 5 years; Intelligent Cash Deposit machines and Cash Recyclers(P Series) Cash Recycling ATMs(H Series) , Cash sorting Machines( CM Series) and recently Cash Dispensing ATMs( N and V Series)
CWG Plc, has been at the forefront of most financial technology innovation in the country in the last two decades; deploying software solutions to over 60 Financial Institutions that have helped to change the narrative of what financial efficiencies should be, with the inclusion of core-banking software like Finedge, VSAT and Infosys Finacle, huge gaps have been closed in the financial industry in Africa.
In 2005, GRG Banking developed its own core module of cash recycler, which brought to its business a big success in China market and global market as well. In 2007, GRG Banking was listed in the Shenzhen stock market of China. Since 2008, GRG Banking took the first place of ATM market share in China and on the 1st of November 2010 the first Chinese ATM R&D Academy; GRG R&D Academy was founded by GRG Banking.
Presently, GRG Banking serves a number of Financial Institutions like Banks and CIT Companies with their products and their alignment with CWG Plc has brought on more opportunities to provide these services. Only recently, CWG supplied GTB with over 100 new GRG Banking ATMS across Nigeria with the intention to spread to over 1,000 across West Africa in coming months.
CWG’s ATM as a Service (CWG-AaaS) concept is also one of the GRG business extensions CWG will be serving to other financial Institutions in the coming weeks. The vision to deploy technology solutions that enable economic growth has been part of the core of CWG’s mandate in the last few years and it is actively geared towards delivering on that mandate as the H2 of the year moves to full blast.
Finance
Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness
By ORJI ISRAEL


President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.
The tool is expected to make compliance easier and improve transparency in the system.
In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.
“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.
Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.
The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.
Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.


The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing (e-invoicing) system less than two weeks after it went live.
The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.
According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.
Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.
FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.
The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent


Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
-
Transport4 days ago
August24news Publisher, Ajagbe, Set to Present Best Driver and Best Conductor of The Year Awards
-
Business4 days ago
Lagos Mainland Trade Fair set to take place next month
-
Education4 days ago
Delta-Five and Oborevwori’s education vision
-
News4 days ago
Mbah to NBA: “Law, the Conscience of the Nation, Justice Sector Reform, a Cornerstone of Our Administration”
-
Sports2 days ago
Hope Uzodimma Backs Chiney Ogwumike’s Vision for Girl-Child Empowerment Through Sports
-
News12 hours ago
PRCAN Mourns the Passing of NIPR Council Member, Bashir Chedi
-
Culture2 hours ago
Okhma hosts high-level investment pitch for 70 brands ahead of Carnival Calabar 2025