E-Financial
Anxiety over FG’s Threat to Block Accounts without TIN
There is palpable fear across the social and economic strata of Nigeria as the countdown to the January 2 date set by the Federal Government for all Nigerians to ensure their bank accounts have their Tax Identification Number (TIN) or risk being blocked.
Most Nigeria spoken by New Telegraph to on the preparedness for the commencement of the policy in less than two weeks time, described the policy as draconian, urging government to look for other ways to ensure people pay their taxes.
Many said that they are not even aware that their accounts will be blocked by January 2 if it does not have their TIN numbers.
Speaking, Mr. Chinazo Ibeneche, a spare parts trader at Ladipo Market Lagos, said: “I pay my tax, I have my TIN but what of my old mother and father in the village?
They are not doing anything, so I transfer money to their account regularly for their upkeep. What will happen to them from January 2nd? Does it mean that I will be travelling home regularly just to give them the small small money I normally send to them?
This is confusing! “ Dr Duroajai Fakurade, a lecturer in the Department of Medicine, University of Lagos, lashed out at the National Assembly for passing such ambiguous law, saying it will create hardship and cause anxiety in the land.
According to him, the move by the Federal Inland Revenue Service to commence the implementation of the new law from January without adequate education and explanation to the Nigerian public is insensitive.
“We are just moving from one harsh policy to the other? Do a vox pop of the teaching staff in this school alone, you will realize that no one has an in-depth understanding of what this law or policy is all about. Is it for taxpayers alone or for whosoever that has a bank account?
“Those supposed to pay tax are the working class, business and property owners. When it comes to tax collection in Nigeria, where does the government have problem? Definitely not with the workers, maybe the informal sector but mainly the big men of Nigeria who do not pay tax. When you look at all luxuries they indulge in, you will understand my point.
“The bank account policy will increase the hardship of Nigerians who in other climes are normally taken care of by their governments vis a vis the unemployed youths, dependants, housewives and aged people,” he said.
Also speaking, Dr. Samuel Nzekwe, a financial expert and former president of the Association of National Accountants of Nigeria (ANAN), said while the TIN requirement to operate an bank account in the country from January 2, 2020 is aimed at ensuring that all taxable Nigerians are brought into the tax net, he urged the government to note that all account holders are not taxable.
“So the challenge here is isolating the taxable from the un-taxable.
Doing that is not likely to be hitch free without causing a dislocation in the system. “How do you isolate the accounts of the unemployed, the aged and the old dependants who depend on the stipend paid to them through their accounts by their breadwinners or their benefactors? “Mind you, you cannot be able to determine whether a person is employed or not through the amount in the person’s account, because there are many unemployed people who live more comfortably than those working, courtesy of their benefactor or breadwinner.
You have some women who are full time housewives and you have people living in the village but are being provided for by their kit and kins in the cities and the Diaspora.”
He said without adequate sensitization, commencing the implementation of the policy create a lot of confusion in the land “because there is nothing you can do about our culture here. We provide for extended family members and our immediate family. Are those category of Nigerians expected to pay tax? Does the policy imply that anybody with a bank account number must pay tax?
These are issues
The Federal Inland Revenue Authority must address before implementing of the law that require people to have their TIN linked to their bank account number,” he stressed.
FIRS begins nation-wide clamp down on tax defaulters Meanwhile, in a renewed bid to bring tax defaulters to book in the country, the Federal Inland Revenue Service (FIRS) commenced nationwide tax enforcement on Wednesday, December 18, 2019.
The latest move by the FIRS was confirmed by Wahab Gbadamosi, head, Communications and Servicom Department.
According to Gbadamosi, the FIRS has issued a notice to commence nationwide tax enforcement with a view to prosecuting defaulters.
The details: In a notification sent to taxpayers on Tuesday, signed by the Acting Executive Chairman of FIRS, the FIRS disclosed that plans have been concluded to begin tax enforcement against tax defaulters as they continue to fail in fulfilling their tax obligations.
New Telegraph reported that FIRS had advised defaulting taxpayers to “settle their tax liabilities within Seven days of the publication to avoid any inconveniences or interruptions in their operations. Nigerians pay more for bank deposits in 2020 As the Central Bank of Nigeria moves to commence implementation of the cashless policy across the country from March 31, 2020, the Apex Bank said Nigerians will now be charged more for cash deposits and withdrawals in furtherance of its cashless policy.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
First Asset Management, one of Nigeria’s investment managers and a subsidiary of First HoldCo Plc. has launched its FBN Blended Dollar Fund to drive up customer earnings through its rich blend of US equity and high-profile investments domiciled in Nigeria.
In its recent webinar, the company discussed the advantages of its newly launched FBN Blended Dollar Fund. First Asset Management is the first company to launch a blended fund in the equity market to maximise customer earnings.
The event was part of the First Asset Management Leading Conversations Webinar Series, which convenes financial industry experts. The session was moderated by the renowned journalist, Omohefe Osemere and featured a distinguished panel including Laura Fisayo- Kolawole, Head of Equities & Alternative Asset Management at First Asset Management; Robert Hageneers, Head of Markets at FirstBank UK; Gbolahan Ologunro, Portfolio Associate at First Asset Management; and Dr. Ayodeji Akamu, Research Associate for Energy & International Economics at First Bank of Nigeria Limited.
The panel discussion revolved around the theme, “Blending Returns in a Dynamic Global Environment: Navigating Trump’s Trade Agreement,” addressing its impact on equity markets in both Nigeria and the United States. The conversation offered insights into global investment strategies amidst ongoing economic volatility.
During the session, First Asset Management introduced the FBN Blended Dollar Fund, explaining its significance and urging investors to seize this opportunity. With a global economic landscape filled with uncertainties, investors are increasingly concentrating on strategies to blend returns across asset classes.
This year, the positive shift in investor sentiment towards Nigeria has been driven by improvement in the monetary policy framework, increased domestic crude oil production, and rising non-oil revenue supported by improved VAT and customs duty collections—factors anticipated to continue bolstering investor confidence.
Laura Fisayo-Kolawole provided insights into U.S. President Donald Trump’s new economic policies, aimed at protecting local industries and stimulating the U.S. economy. She discussed the potential long-term effects of high tariffs designed to discourage imports, noting that while there is optimism stemming from Trump’s first-term policies, the market remains volatile and the full impact of these tariffs, effective from April 2, 2025, is still uncertain.
Ike Onyia, Managing Director at First Asset Management, underscored that the FBN Blended Dollar Fund is a versatile product ideal for investors with a keen interest in growth. It offers competitive returns that can help hedge against inflation and currency risk while providing liquidity.
With a structure that allocates 20% to U.S. equities and 80% to fixed-income instruments, money market instruments, and Euro bonds domiciled in Nigeria, the fund presents diversified exposure to global markets. Onyia expressed enthusiasm about launching a product that offers a unique opportunity for investors to position themselves in an evolving economic landscape.
PalmPay, one of Africa’s fastest-growing fintech platforms, yesterday officially launched its new PalmPay Debit Card in partnership with Verve, Africa’s largest domestic card scheme.
This partnership reflects PalmPay and Verve’s shared commitment to driving financial inclusion by expanding access and delivering greater value across the digital payments ecosystem.
With over 35 million users and a network of 1.1 million agents and merchants across Nigeria, PalmPay is building one of the continent’s most dynamic fintech ecosystems. The launch of its debit card represents a key milestone in PalmPay’s transformation from a mobile wallet and agent network into a comprehensive digital financial services provider – offering integrated solutions for payments, savings, credit, insurance, and now, card access.
The PalmPay Debit Card is seamlessly integrated with the PalmPay wallet, combining the convenience of a traditional bank card with the speed and flexibility of a digital platform, and access to PalmPay’s unique financial ecosystem.
Key Features include:
- Zero maintenance fees
- Easy in-app application and nationwide delivery
- Exclusive cashback and merchant rewards
- Full wallet integration, including access to high-yield savings (up to 16% APR, paid daily)
- Seamless offline and online payments across the Verve network
The card is accepted at all major payment terminals within Nigeria, offering both debit and contactless options. With this launch, PalmPay aims to redefine the everyday banking experience – making it more accessible, reliable, and rewarding.
Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a tailored offering for high-volume users. Benefits include:
- A dedicated PalmPay Premium Card
- Priority customer support
- Higher transaction cashbacks and savings interest rates
- Exclusive merchant rewards and advanced financial tools
This premium service reinforces PalmPay’s commitment to empower users at every stage of their financial journey – from first-time account holders to high-earning professionals seeking more from their financial tools.
The PalmPay Debit Card was made possible through PalmPay’s strategic partnership with Verve, reinforcing both companies’ shared commitment to inclusive, locally relevant digital banking solutions.
“PalmPay is dedicated to using technology to broaden financial access,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “This collaboration enables us to offer secure, widely accepted payment cards integrated with the full power of PalmPay’s ecosystem. Together, we’re reshaping how Nigerians experience digital finance.”
Vincent Ogbunude, Managing Director of Verve International, added: “We are proud to partner with PalmPay on this important milestone. Our alliance with PalmPay reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”
From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is building the financial infrastructure of the future – redefining digital banking to be more personalised, comprehensive and accessible to everyone.
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