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Why Kenya Selects Nigeria’s Reconciliation Solution – Dr. Okeremi

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By: Sandra Nnaemeka

Dr. Yele Okeremi, the managing director and CEO of Precise Financial Systems [PFS], Nigeria’s leading fintech firm, has explained why Kenya through its Kenya Women Microfinance Bank [KWMB] has selected its automated accounts reconciliation solution, CLIREC, to address identified needs for a more efficient and effective accounts reconciliation practices across the institution.

Dr. Okeremi said reason for the project was to deploy a reconciliation solution that would facilitate a reduction of the turnaround time of the reconciliation process in KWMB.

“The reconciliation will enable Kenya Women Financial Trust [KWFT] to increase its operational efficiency by providing a faster resolution to unprocessed items, customer queries and improve responsiveness among other benefits”, he said.

He said the bank had identified its peculiar needs to include faster resolution of unprocessed items, faster resolution of customer queries and improves responsiveness; achieve a near real-time scenario of the reconciliation process, timely reporting to management and automated escalation of long outstanding items.

CIO of KWMB, Mr. Kibet Kipkemoi, attested to Okeremi’s statement, saying that the bank selected PFS’ Clirec because of its records of accomplishment in solving complex reconciliation challenges with its simple processes.

“Clirec was picked as the preferred applications after rigorous selection process by our team and consultants who evaluated all available solutions. We are confident that Clirec will meet all our reconciliation needs. “

Dr. Okeremi added that the scope of work for the KWMB’s automated accounts reconciliation solution project include the automatic upload of reconciliation files into the reconciliation module, pick core banking files from a defined secure location and upload into the reconciliation module in real time, automatic match transactions with similar transaction references, manual reconciliation of un-matched items and multiple to one matching of items.

Other scope of the project include to facilitate the reconciliation of one to multiple matching of items, provision of output of un-matched items, reconciled items, duplicate items, pick out suspicious transactions, search engine, summarise reconciliation with opening balance, outstanding items and closing balance and reports.

He said his company is excited to work with the gender-based bank to improve its processes and make life easier for the bank and its customers, saying, “We are known for the development of simple solutions to solve complex problems.”

KWMB is a medium-tier financial services provider in Kenya.  As of December 2013, it was the largest deposit-taking MFB in Kenya with an asset base valued at about US$220 million. Then, the bank had in excess of 600,000 deposit accounts and a loan book of approximately US$147 million, and shareholders’ equity valued at US$29.5 million.

Established in 2008 as KWFT, a 100% subsidiary Kenya Women’s Holding (KWH), in 2010, the institution was authorized to accept customer deposits, thereby becoming a deposit-taking microfinance institution.

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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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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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