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Crypto

Navigating Tax and Regulatory Hurdles in Nigeria’s Fintech Sector

By Dolapo AterePosted on Posted in EconomyTagged , , , , , No Comments on Navigating Tax and Regulatory Hurdles in Nigeria’s Fintech Sector

The rapid growth and innovation within the Nigerian Fintech industry have transformed the financial landscape and presented unique and complex tax challenges. As Fintech companies continue to disrupt traditional financial services and expand their operations, navigating the evolving taxation landscape has become critical. The growth and competition within the payment gateway industry, as exemplified by companies like Flutterwave, Paystack, Remita, Interswitch, and others, are truly remarkable to witness. As reported by the Central Bank of Nigeria (CBN), E-payment transactions in 2022 reached an impressive volume of 22 billion. At the same time, data from the Nigeria Inter-Bank Settlement Systems (NIBSS) shows that electronic transactions amounting to ₦38.9 trillion were conducted through the NIBSS Instant Payment platform (NIP) as of November 2022 (+50.2% vs November 2021: ₦25.9 trillion). This is a testament to the robust expansion of the Fintech sector in Nigeria, attracting policymakers in terms of supporting their growth and boosting tax collections from the sector. We will delve into the problems and obstacles at hand, while also exploring potential solutions for the way forward.

Crypto Prices Move More in Sync With Stocks, Posing New Risks

By Abdulazeez KurangaPosted on Posted in Business & FinanceTagged , , , No Comments on Crypto Prices Move More in Sync With Stocks, Posing New Risks

Amid greater adoption, the correlation of crypto assets with traditional holdings like stocks has increased significantly, which limits their perceived risk diversification benefits and raises the risk of contagion across financial markets, according to new IMF research.

Uncertainty Grips Markets as Optimism Wanes

By Abdulazeez KurangaPosted on Posted in Business & FinanceTagged , , , , , , No Comments on Uncertainty Grips Markets as Optimism Wanes

Amid the prolonged and painful pandemic, risks to global financial stability have remained contained—so far. But with economic optimism fading, and with financial vulnerabilities intensifying, this is a time for careful policy calibration. To an unprecedented degree, the world’s central banks, finance ministries, and international financial institutions have asserted—for a year and a half—policy support for economic growth. Now they must craft strategies that safely approach the next stage of monetary and fiscal policy action.

Cryptoassets as National Currency? A Step Too Far

By Aminu MusaPosted on Posted in AgenciesTagged , , , , No Comments on Cryptoassets as National Currency? A Step Too Far

New digital forms of money have the potential to provide cheaper and faster payments, enhance financial inclusion, improve resilience and competition among payment providers, and facilitate cross-border transfers.

But doing so is not straightforward. It requires significant investment as well as difficult policy choices, such as clarifying the role of the public and private sectors in providing and regulating digital forms of money.

Some countries may be tempted by a shortcut: adopting cryptoassets as national currencies. Many are indeed secure, easy to access, and cheap to transact. We believe, however, that in most cases risks and costs outweigh potential benefits.

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