Finance
ALMPO Mobile Money Confab 2019 identifies how to deepen financial inclusion in Nigeria


The burden of delivering financial inclusion to the last mile has become one that needs the strategic participation of all industry stakeholders in the ecosystem, so as to deliver value propositions that will deepen financial services culture for the benefit of the citizenry.
These were the views of participants at the 2019 Mobile Money Conference, organized by Association of Licensed Mobile Payment Operators (ALMPO).
The event themed: ‘Beyond Payments’ was held on Wednesday, 27th November, 2019 at Four Points by Sheraton, Victoria Island, Lagos.
Chinedu Onuoha, chairman, Association of Licensed Mobile Payment Operators (ALMPO), noted that the aims of financial inclusion should not be limited to payments alone, that is, paying and receiving of money.
He stated that financial services should be made to cover areas that are germane for the average citizen if we are to achieve the objectives of financial inclusion.
He explained that financial services should be all encompassing and focused on rendering everyday services that go beyond payments services.
According to him, “The theme of this year’s conference aptly captures the general direction of the industry. We are of the opinion, and rightfully so, that for the objectives of financial inclusion to be realized, we must go beyond payments, as we try to attract more people into formal financial services.
“We are aware that the financial needs of the average citizen are much more than pay and receive. People want to save and earn interest.
“They want to participate in pensions, they need some form of insurance, and many more. We also know that for all of this to realized, there must be adequate security and trust in the system.”
Onuoha called for collaboration of security agencies and other government agencies, which according to him, would create the right synergy that will secure the payment system and provide adequate protection to operators as they go about their business.
Aishah Ahmad, deputy governor, Financial Systems Stability, Central Bank of Nigeria (CBN), stated that Mobile Money (MM) is vital to CBN as a regulator and as such, they are open to suggestions on the way forward, without holding on to rigid regulations.
Ahmad who was represented by Aisha Isa-Olatinwo, assistant director, Payments System Management Department, CBN, noted that since estimated reports show that Nigeria has over 100 million unique mobile numbers, if mobile money operations work, there will be over 100 million subscribers.
She enjoined everybody present at the conference to work together to create a success story that will be beneficial to the ecosystem and the entire citizenry.
Uzo Eziukwu, group CEO, BlueTag Group, in a keynote address said that Mobile Money is fast becoming Africa’s legacy to the world, using Kenya’s MPESA as a typical example, doing about 1.7 billion transactions per year and making up to 50% of Kenya’s GDP.
He revealed that there are over 120 Mobile Money Operators (MMOs) in Sub-Saharan Africa (SSA), and they came into Nigeria in 2010 with a focus to drive financial inclusion and as an adjunct to mainstream banking.
He dissected the journey of MM in Nigeria into four stages, according to him, the first stage was the pilot stage between the years 2010 and 2012, which served as linkage of MM into mainstream banking.
According to the Eziukwu, “this was a time to understand the regulatory environment and regulators. This period saw confusion between collaboration and competition.
“This stage saw operators understanding the peculiarities and challenges of the Nigerian landscape. The need to collaborate and align effectively with telcos was also noticed.This stage had the challenges of integration and knowledge sharing”.
The second stage, according to him began from 2013 to 2015, which saw constructive engagement and alliance, as bank and non-bank MMOs engaged with one another and CBN. Also, partnerships arose between MMOs and banks, as CBN further streamlined MM policies.
“These moves saw growth in MM adoptions and in the number of bank accounts, noting also that this stage saw significant growth in MM acceptance driven majorly by the already banked.
He further revealed that innovation in mobile money operation has to be wrapped around consumer needs and not just payments, needs like micro-credits and service-based lending.
He also suggested products to be created for those at the bottom of the pyramid, products like health insurance, micro-pension, interest-based micro-savings, and rotational savings.
Acknowledging that the theme of the conference was apt, he concluded by sharing that as MM is moved forward, the sound benefits of financial inclusion will be unraveled.
Professor Olayinka David-West, academic director, Lagos Business School, delivering a paper Titled ‘Harnessing New Opportunity Areas for Mobile Money Adoption in Nigeria’, decried that only 4% increase in digital payments was recorded since 2016.
She further revealed that out of the estimated 99.8 million adults in Nigeria, only 3.3 million are MM users, and of the 36.8% excluded, most are women.
She reminded that engaging the bottom of the pyramid does more than gaining financial inclusion, but it also enhances the social and economic development of the society.
She also shared that a compelling value proposition is needed to get the attention of the customers. She argued that if the products and services don’t fill the proposition, MM won’t get to the Promised Land.
She also talked about taxes and levies, cybersecurity and fraud, connectivity and power, sharing how the setbacks and challenges in the sectors affect the adoption of MM by the masses.
Mrs Bunmi Ogunlewe, head of Product, e-tranzact, who spoke about shared services platforms as enablers for Mobile Money Growth, said that with the various needs faced by people at the bottom of the pyramid, collaboration is needed to address them.
She advised that the MMOs should come together and build an informed credit system which will help in the journey of MM through the last mile.
She shared that while each MMO collates data, until collaboration is done the data will be useless whereas with collaboration, fresh, enormous, insight will be gotten.
She opined that shared services and shared infrastructure will help get an additional 50 million customers and without shared platform services, the adoption and growth hoped for by MMOs won’t be attained.
The conference had different panel sessions that proffered solutions on how we can reach the last mile and as well set a new agenda for the next decade which will see the implementation of the solutions achieved in driving financial inclusion in Nigeria and indeed Africa.
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).
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