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Nigerian Fintech, Brass, Secures $1.7mn Financing Round “To Bet On African SMEs”

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Brass, a Nigerian digital bank delivering easy access to affordable premium banking services for small and medium-sized businesses (SMEs), has today secured $1.7mn in funding to address the heavily underserved banking needs of local entrepreneurs, traders and fast-growing businesses. The financing round sees participation from Olugbenga ‘GB’ Agboola (Co-Founder of Flutterwave), Ezra Olubi (Co-Founder of Paystack, acquired by Stripe), Hustle Fund, Acuity Ventures, Uncovered Fund and Ventures Platform. The new funding will play a key role in accelerating Brass’ expansion into South Africa and Kenya – just a year after launch, and will kickstart a range of new product categories, including an expansion of the startup’s footprint in the credit market as it bids to diversify its customer range.

Launched in July 2020 by Sola Akindolu (previously Head of Product at Kudi) and Emmanuel Okeke (a former Engineering Manager at Paystack), Brass equips SMEs with a full-stack, commercial-grade banking service across various business classes, enabling them to gain greater clarity and control over their money operations and the power to scale their enterprises. The platform currently boasts a comprehensive suite of products tailored to a wide spectrum of business banking needs, including credit & payment services, payroll and expense management, API support and a host of additional core business services.  

To-date, Brass has served thousands of businesses, disbursed over $2mn in credit and recently launched Brass Capital – a cash-flow financing service to support even more fast-growing businesses. Many of Brass’ clients use the platform as their default money operation service provider and its current customer base includes the likes of Send.ng, Mono and Eden as well as restaurants, schools and malls. The platform has also partnered with Flutterwave to drive its expansion plans across Africa. 

Commenting on the fundraise, Sola Akindolu, Co-Founder and CEO of Brass, says, “The basic needs of Africa’s SMEs are just as significant and unique as those of the customers they serve each day and now more than ever, we need innovative and world-class financial services solutions that meet their expectations. These local businesses have supported our economies for decades, forming the backbone of Africa’s success to-date and now is the time to bet on them.” 

“At Brass, we’ve made some great strides over the last year in tackling one of Africa’s most critically underserved customer bases but with an estimated $5.1tn credit gap globally, our work is far from over. This is why we’re delighted to welcome onboard a number of vastly-experienced and strategic investors, whose expertise will not only play a vital role ahead of our expansion into South Africa and Kenya, but also in our future ambitions outside of the continent.”

Currently, SMEs form 99% of all Nigerian businesses however, many of them encounter the same major roadblock that has resulted in 55% – 68% of formal SMEs in emerging markets being underserved by financial institutions – a severe lack of access to affordable, high-quality and uniquely tailored financial services. As a result, these businesses are mainly limited to expensive and often ineffectual traditional banking services or they simply remain unbanked due to access and cost. This has not only led to an estimated $5.1tn credit gap for SMEs in Nigeria and other emerging economies, but also a huge lack of resources for these companies to fully understand their financial operations and make critical business decisions. 

Kola Aina, Founder and  General Partner at Ventures Platform, says “We were immediately sold on Brass’s mission to make banking work for small businesses. For far too long banks have not worked for their customers. This challenge is even more chronic for small businesses, hence we are excited to be a Brass partner as they advance the mission to make banking work for African businesses – via their suite of products designed to help businesses succeed.”

Elizabeth Yin, General Partner at Hustle Fund adds “We are excited to back Sola, and the Brass team who are providing critical financial technology to Africa’s businesses, starting with Nigeria’s ~41.5 million businesses. We believe Africa’s entrepreneurial ecosystem, and fintech sector is witnessing an unprecedented shift, and Brass is at the forefront of that, supporting local businesses and professionals with banking technology to supercharge their growth. We are excited by their vision, and honoured to be joining them on their journey.”

Brass’ previous investment to-date has featured a number of seasoned angel investors in the African tech space including Olumide Soyombo of Voltron Capital, Leonard Stiegeler, Fola Olatunji-David, Yemi Lawani and two senior executives from top Nigerian banks.

Currently, access to comprehensive banking solutions services remains one of the most significant constraints for SMEs in Africa as it is estimated that the continent’s formal SME sector has an annual financing gap of over US $136 billion. According to the World Bank, these businesses employ 80% of Africa’s population, highlighting their importance to the local economy and further underlining their need for additional support. 

Lexi Novitske, Managing Partner at Acuity Ventures, closes “The real market opportunity in digital banking in Africa is enabling small businesses. These businesses are looking for tools to responsibly scale; with a Brass partnership they’re able to grow alongside a committed partner for the long term.

Meanwhile, data sources in Africa are still nascent. Brass’s suite of products including payments and dashboard services not only give small local businesses transparency and efficiency over their operations, but enable Brass to provide banking products that meet the needs of these customers at lower risk.” 

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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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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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