Business
Digitization, fintech as panacea to financial inclusion
One of the compelling aspirations of the Federal Government and the Central Bank of Nigeria (CBN) in the last two years has been to ramp up the numbers for financial inclusion in the country. To this end, Nigeria’s apex bank, alongside other regulators in the financial services sector, including the National Pension Commission (PENCOM), has vigorously pursued the agenda of financial inclusion through various initiatives with a clear intent to bring millions of Nigerians, especially those in the informal sector and the unbanked, into the banked population. This ambition, which is not restricted to banking alone, cuts across the full continuum of financial services, ranging from bank accounts, insurance subscription, retirement savings account, and fund investments, among others.
Perhaps the bedrock and main enabler of recent improvements witnessed in the financial services sector in areas like customer experience and service quality, speed to market of financial products and services and quick turnaround time in processing financial transactions stems primarily from advancements in modern information and communications technology, investment in its adoption and integration. Leading financial services providers in the country, especially the Deposit Money Banks (DMOs) have all embraced innovations made available and possible by constantly evolving technology, in a bid to remain relevant, grow market share, expand footprints, do business profitably, stay ahead of the competition, and deliver more value to their customers and other critical stakeholders.
The major setback many experts have however cited as the bane of financial inclusion in Nigeria is the apparent distrust for financial services institutions and low literacy levels among Nigerians. Credit must be given to the Federal Ministry of Finance and the Central Bank of Nigeria for measures they have put in place to raise the bar on financial literacy in the country as a panacea to driving financial inclusion, although a lot more work is required if the low public confidence and trust in the financial services sector is to receive any boost.Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, Mr. Babatunde Macaulay, said that financial inclusion is one issue that CBN is driving passionately and Stanbic IBTC and other banks are part of that drive.
The question therefore is what must be done to effectively remove this barrier and disincentive to financial inclusion in Nigeria. One determinant that readily comes to mind is innovation and technology. This perhaps must be why many commercial banks have been remodeling their operational strategies to deemphasize focus on increasing footprint via branch network expansion and steadily moving towards digitization and mobile solutions. Original Equipment Manufacturers like Hewlett Packard or HP, Dell, Samsung and other makers of computing devices had predicted many years ago that the future of computing is mobile, hence the unprecedented revolution in the handheld device and mobile phone industry.
Chief Executive of Stanbic IBTC Bank PLC, Dr. Demola Sogunle, had also attested that the ongoing digital transformation and revolution which the financial services sector is currently witnessing has only just begun. The bank chief made this pronouncement during the official commissioning of the bank’s first self-service fully digital branch at the Maryland Mall in Lagos, in December last year. Almost exactly a year before that, precisely in November, 2015, Stanbic IBTC, in furtherance of ongoing digitization drive aimed at serving its customers better through excellent and innovative products and services, launched Africa’s very first personal teller machine (PTM), an interactive automated teller machine that enables its customers perform full banking activities.
The Personal Teller Machine is a device that offers customers the benefits of both self-service video banking and the branch teller experience combined in one solution. The PTMcombines video banking collaboration and remote transaction processing banking technology embedded within the machine to give customers the choice of self-service or connecting with a remote teller in a highly personalized, two-way audio/video interaction. The machine’s interactive nature helps to close the ‘intimacy gap’ that is currently missing on the conventional automated teller machine (ATM). So if the objective of the bank for deploying the PTM was to further enrich customers’ banking experience by allowing them perform banking operations such as account opening, cash deposit and withdrawal, cheque deposit and other general account enquiries like account balance, loan enquiries, card related services, among other functions, without having to use their debit cards, then this purpose has ultimately being achieved. The total value of transactions done on Stanbic IBTC Bank PTM as at March 2017 was N34,264,500; with total deposit valued at N8,805,500, withdrawal valued at N25,459,000 in 1,985 sessions.
These numbers may suggest that the PTM has been a successful innovative solution deployed by Stanbic IBTC to serve its customers. So in spite of the enormous potential and benefits of the PTM, Stanbic IBTC went a step further to explore other alternative solutions to deliver service to the retail end of the market and this was mobile. Mobile is believed to present a huge opportunity for Nigerian banks to drive financial inclusion, especially considering the high mobile devices penetration rate in the country. The recent trend by banks of reengineering and re-launching their mobile banking application offerings clearly gives credence to this assertion.
Macaulay said Stanbic IBTC was one of the very first financial institutions in Nigeria to revamp its mobile app which it launched into the market in November 2016 to boost customer service delivery and user experience. The app tagged ‘Appyness’ placed emphasis on seamless user experience, aesthetics and convenience. He said one unique feature of Stanbic IBTC Mobile App is that it offers banking, asset management, pension and mobile money services on a single infrastructure. “The new app makes it possible for customers to see their bank accounts, mobile wallet, pension and mutual fund investments in one place, giving them total control of their money and investments. Apart from being fast and dependable, the new app is feature-rich, with capacity to conduct funds transfer, bills payment, airtime purchase, cheque services, mobile money and lifestyle services. Its other features, unavailable in most other banking apps, include monitoring pension accounts, checking mutual funds account, redeeming and making additional investments in mutual funds. The Stanbic IBTC Mobile App is the only mobile platform that offers a convergence of financial services,” Macaulay stated.
The ED said Stanbic IBTC believes technology is the best way to go. He said that across the banking industry, the number of transactions in the branches has reduced significantly whereas offsite transactions, whether via the internet, mobile, ATMs, POS, have increased and continue to grow.
This position was reaffirmed by the Head, Mobile and Acquiring Channels, Stanbic IBTC Bank, Francis Nwoboshi, while speaking at the 2016 Annual Brands & Marketing Conference of the Brand Journalists’ Association of Nigeria (BJAN), in Lagos themed ‘Mobile Money in Nigeria – Challenges, Opportunities, and Threats’. Nwoboshi said the bank believes that Nigeria’s socio-economic demography presents a considerable opportunity for innovative mobile propositions that can deepen financial access in the country.
Technology is converging at an exigent speed while disruptive technology and digital communications is impacting so much on many traditional business models, including financial services. Nigerian banks and other financial services providers must have realized that these are very exciting times which require new thinking and approach or better put, innovation.
A recent Accenture Consulting research on the future of financial technology (fintech) and banking revealed that the digital revolution in financial services is under way, but how this would impact current banking players is unclear. It warned that digital disruption has the potential to shrink the role and relevance of today’s banks, but could all together help them create better, faster, cheaper services that make them an even more essential part of everyday life for institutions and individuals. As more Nigerian banks make a model shift towards digitization and mobile, it is expected that this would positively impact the nation’s desire to attain widespread financial inclusiveness and promote transition to mobile banking solutions, e-Government solutions, cashless policy and drive growth verticals for business-to-business (B2B) mobile services.
Business
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com
“Shift or Structural Demand? A Declaration of Civic Duty in a Nation at a Fiscal Crossroads.”
In the unfolding narrative of national development and economic reform, few instruments are as defining as tax compliance. For Nigeria, a nation perpetually grappling with revenue shortfalls, structural dependency on a single export commodity, and entrenched informal economic behaviour, the Federal Government’s recent clarification on tax return deadlines is not mere bureaucratic noise. It is a deliberate and inescapable declaration: the social contract between citizen and state must be honoured through transparent, lawful and timely tax reporting.
At its core, the government’s pronouncement is stark in its simplicity and radical in its implications. Federal authorities, speaking through the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, have made it unequivocally clear that every Nigerian, whether employer or individual taxpayer, must file annual tax returns under the law. This encompasses self-assessment filings by individuals that too many assumed ended once employers deducted pay-as-you-earn taxes from their salaries.
This is not an optional civic suggestion, it is mandatory, backed by statute, and tied to a broader vision of national fiscal responsibility. Citizens can no longer hide behind ignorance, apathy, or false assumptions. “Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong,” Oyedele warned, emphasizing that the obligation to file remains with the individual under both existing and newly reformed tax laws.
The Deadlines and the Reality They Reveal.
Across the federation, state and federal revenue authorities have reaffirmed statutory deadlines in pursuit of compliance. The Lagos State Internal Revenue Service, for instance, moved to extend its filing date for employer returns by a narrow window, reflecting the reality that compliance often lags behind legal timelines. The extension was intended not as leniency, but as a pragmatic effort to allow accurate and complete submissions, underscoring that true compliance rises above mere mechanical ticking of a box.
At the federal level, Oyedele’s intervention was even more fundamental. He reminded Nigerians that annual tax returns for the preceding year must be filed in good faith, with integrity and in respect of the law. This applies regardless of income level including low-income earners who have historically believed that they are outside the tax net. “All of us must file our returns, including those earning low income,” he stated.
Herein lies one of the most challenging truths of contemporary Nigerian governance: widespread tax non-compliance is not just a technical breach of law, it is a deep cultural and structural issue that reflects decades of mistrust between citizens and the state.
The Root of the Problem: Non-Compliance as a Symptom.
Nigeria’s tax culture has long been under scrutiny. Public discourse and economic analysis consistently show that a significant majority of eligible taxpayers do not file annual returns. Oyedele highlighted that even in states widely regarded as tax administration leaders, compliance remains strikingly low, often below five percent.
This widespread non-compliance stems from multiple sources:
A long history of weak tax administration systems, where enforcement was inconsistent and penalties were rarely applied.
A perception that public services do not reflect the taxes collected, eroding the citizenry’s belief in reciprocity.
An informal economy where income often goes unrecorded, making filing seem irrelevant or impossible to many.
Lack of awareness, with many Nigerians genuinely believing that tax liability ends with employer deductions.
The government’s renewed push for compliance directly challenges these perceptions. It signals a shift from voluntary or lax compliance to structured accountability, a stance that aligns with best practices in modern public finance.
Why This Matters: Beyond Deadlines.
At its most profound level, the insistence on tax return filings is about nation-building and shared responsibility.
Scholars of public finance universally agree that a robust tax system is the backbone of sustainable development. As the eminent economist Dr. Joseph E. Stiglitz has observed, “A society that cannot mobilize its own resources through fair taxation undermines both its government’s legitimacy and its capacity to provide for its people.” Filing tax returns is not a mere administrative task, it is a declaration of participation in the collective project of national advancement.
In Nigeria’s context, this declaration carries weight. With the enactment of comprehensive tax reforms in recent years (including unified frameworks for tax administration and enforcement) authorities now possess broader statutory tools to ensure compliance and accountability. These measures, which include electronic filing platforms and stronger enforcement powers, have been framed as fair and equitable, targeting efficiency rather than arbitrariness.
Yet the success of these reforms depends heavily on citizens embracing their civic duties with sincerity. And this depends on mutual trust, the belief that paying taxes yields tangible benefits in infrastructure, education, healthcare, security and social services.
Voices From Experts: Fiscal Responsibility as a Public Ethic.
Tax law experts and economists, reflecting on the compliance push, have underscored a universal theme: taxation without transparency is inequity, but taxation with accountability is empowerment. When managed with fairness, a functional tax system can reduce dependency on volatile revenue sources, stabilise national budgets, and support long-term investment in human capital.
Professor Aisha Bello, a respected authority in fiscal policy, notes that “Tax compliance is not a burden; it is the foundation upon which social contracts are built. A citizen who honours tax obligations affirms the legitimacy of governance and demands better performance in return.”
Similarly, a leading tax scholar, Dr. Emeka Okon, argues that “The era when Nigerians could evade broader tax responsibilities simply because automatic deductions occur at source must end. For a modern economy, every eligible citizen must be part of the formal tax fold not as victims, but as stakeholders.”
These authoritative voices point to an unassailable truth: filing tax returns is both a legal requirement and a moral responsibility, an expression of citizenship in its fullest sense.
Challenges on the Ground: Compliance and Capacity.
While the rhetoric of compliance is compelling, the reality on the ground demands nuanced understanding. Many taxpayers (especially in the informal sector) lack meaningful access to digital platforms and resources for filing returns. For others, the fear of bureaucratic complexity and perceived punitive enforcement deters participation.
The government, for its part, has responded by promoting online systems and pledging greater taxpayer support. Tax authorities are increasingly engaging stakeholders to demystify filing processes, explain requirements and offer assistance. This mix of enforcement and facilitation is essential. As one seasoned revenue specialist observed: “The state cannot compel compliance through force alone; it must earn it through education, simplicity and fairness.”
The Broader Implication: A New Social Compact.
Ultimately, Nigeria’s renewed emphasis on tax return filing transcends administrative deadlines. It is an unequivocal declaration that national development is a shared responsibility, that citizens and state must engage in a transparent, accountable, and reciprocal relationship.
Tax compliance, therefore, becomes far more than a legal act; it becomes a moral claim on the nation’s future.
When citizens file their returns honestly, they affirm their stake in the nation’s destiny. When the government collects taxes transparently and deploys them effectively, it strengthens not only public services but civic trust itself.
In this sense, the deadlines proclaimed by Nigeria’s fiscal authorities mark not an end but a beginning; the beginning of a civic epoch in which accountability replaces apathy, participation replaces indifference and national purpose triumphs over fragmentation.
The road ahead will not be easy. But in demanding compliance, Nigeria is demanding more than tax returns. It is demanding commitment and that, ultimately, is the foundation on which nations are built.
Business
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
Business6 months agoBatsumi Travel CEO Lisa Sebogodi Wins Prestigious Africa Travel 100 Women Award
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING






You must be logged in to post a comment Login