A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO, B. Adedipe & Associates Limited, says fintech and financial inclusion are not only contemporary in the Nigerian financial ecosystem, they also hold exciting promises in the transition of the Nigerian economy from jobless growth of over two decades now, to inclusive and sustainable growth that assures shared prosperity for all stakeholders.

Adedipe added that over $2 billion were invested in fintech and startups by over 50 angel investors and venture capitalists in 2024.

Delivering the keynote paper at the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 in Lagos, Adedipe described financial inclusion as a critical driver of economic growth and poverty alleviation.

“This makes financial inclusion critical to developing economies, especially those like Nigeria that have been experiencing jobless growth in the last 20 years thereabout and also deep in multi-dimensional poverty. The real challenge resides at the bottom of the pyramid where there is not only poor access to finance but also lack of the basic elements that define good quality of life.”

In its 2023 survey, EFInA reported 64% financial inclusion in Nigeria, driven by marginal growth in the banked population and major gains in non-bank formal adoption.

He listed the opportunities of both fintech and financial inclusion in Nigeria to include youthful and tech savvy population, increasing demand for financial services, unbanked and under-served population, significant informal economy estimated at 54% to 58% of Nigeria’s Gross Domestic Product (GDP) and necessity-based entrepreneurship, which is a rampant phenomenon in fragile economies where informal economic activities and low income are pervasive.

Adedipe said the challenges facing the Nigerian economy in terms of fintech and financial inclusion include the ability and capacity of the Central Bank of Nigeria (CBN) in promoting and regulating the two concepts effectively.

He listed past and current CBN interventions as the National Financial Inclusion Strategy, National FinTech Strategy, Strategy for Leveraging Agent Networks to Drive Women’s Financial Inclusion and Payment System Vision 2025.

Other key pitfalls to avoid are measuring, identifying and filling gaps, consumer protection and awareness, cost and affordability, technology and infrastructure.

The economist added that both regulators and operators also face significant risks – market, structural, strategic, cybersecurity and operational, as well cultural barriers and gender bias, and credit assessment and KYC.

“If Nigeria (or any developing country for that matter) will maximally benefit from financial inclusion and the deep role that fintech plays in that process, there must be a balance of interests. That balance will be effective only if all stakeholders collaborate (no one seeking to take advantage of the other) and maintain tight focus on the over-arching purpose of inclusive growth and shared prosperity.”

He said for Nigeria to have an inclusive financial system, policies, regulations, products, services, technology and infrastructure must be inclusive by design.

Other factors include integrated system, safe and efficient digital payment/finance ecosystem, economically sustainable and commercially viable market infrastructure, robust data information system and effective regulation.

According to Remita “as Nigeria continues to embrace digital transformation and foster innovation in the financial sector, the role of fintech in empowering SMEs will only grow in significance. With a young and dynamic entrepreneurial ecosystem, the demand for fintech solutions tailored for SMEs is expected to soar, driving further innovation and competition in the market.”

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.