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We are dedicating our digital assets to support growth of MSMEs, says Ecobank MD

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By: Sandra Nnaemeka

TheManaging Director, Ecobank Nigeria, Patrick Akinwuntan has reaffirmed the bank’s commitment to the use its wide and versatile digital capacity to transform the entire value chain for micro, small and medium enterprises (MSMEs) in Nigeria. 

This according to him would engender more activities in the sub sector leading to the overall growth of the economy.

Akinwuntan disclosed that it was part of the overall strategy of the Ecobank Group to deploy its products with digital appeal to support business development.

He listed some of these products to include Omnilite, EcobankPay.

It should be recalled that Ecobank is also providing Xpresspoints – which is agency banking in your neighbourhood. 

“Omnilite is an Ecobank internet banking platform that allows entrepreneurs perform transactions, payments  over the Internet through the Bank’s secure website. With Omni Lite, customers have easy access to their account(s) from anywhere in the world;  Online real-time account monitoring facility;  Convenience of conducting banking transactions from comfort of home/office; Secured online transactions; Easy Access to bank information and products; Effective, cheaper and easier way for our customers to communicate with the bank on a 24/7 basis”, he stated.

Speaking on the EcobankPay, Mr Akinwuntan said “EcobankPay, is a digital QR code that enables payments using the mobile phone, without the need for a plastic card. It is really veryconvenient as it is a one stop platform of Ecobank across 33 countries in Africa. The uniqueness of our EcobankPay is that it has MasterPass, MVisa and Mcash options with a single  merchant identity for each customer to transact across the three platforms. 

“Our merchants on EcobankPay have a QR code that accepts all the three. Therefore, if the person that wishes to buy goods from you is coming from a bank that has MVisa, or Mastercard or Mcash, the same QRcode would accept your funds and vice versa. That creates interoperability and convenience for the merchants and as you know, the QRcode is much cheaper than having a point of sale (PoS).

“It also provides immediate credit to your bank account and not a day after as is on other acceptance platforms. Our products assist entrepreneurs achieve their goals whether it be payments or collections with more ease. 

“We have the payment platform; we have e-portals that would transform the SMEs in Nigeria.”

Mr Akinwuntan, who also spoke on the need to support and grow the intellectual economy, pointed out that Nigeria is gradually becoming a major hub in Africa on intellectual economy with the influx of Fin-tech companies and social media channels. He noted that Ecobank is already partnering with them to offer banking services. 

“As you know if you look at the intellectual economy, Nigeria is becoming a major hub in Africa. We had Facebook come here to see what was going on, and a number of Fin-tech companies becoming major players globally, attracting investments for the big IT companies and startups.

“Ecobank is seeking to become the partner that provides the banking services for the intellectuals and the economic growth that they are fostering. We partner with Fin-techs, we do not compete with them, we understand that they have their value and we now have a digital platform that makes us the platform of choice and we have physical locations that guarantee distribution to the last mile, “ he said.

Source: Techeconomy.ng

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Finance

Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness

By ORJI ISRAEL

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Bola Ahmed Tinubu
President Bola Tinubu

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.

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Finance

FIRS e-Invoicing Hits 20% Adoption in Two Weeks

Reporter: SANDRA ANI

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VAT controversy | FIRS e-Invoicing

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.

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Finance

NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025

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NGX Boss, Umaru Kwairanga
NGX Boss, Umaru Kwairanga

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).

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