E-Financial
MATS Signs 10 MM Agreements for Agency Rollout in Nigeria

Merchant and Agent Transactions Services (MATS) has signed ten landmark agreements and actively integrating them for agency transactions in Nigeria.
The firm is deploying own proprietary software, point of transaction kiosks and staffed agency network to serve licensed providers in Nigeria.
In a bid to bridge the gap with the unbanked population in Nigeria, give banked customers more transactional options for entire population to access agency network leveraging on mobile financial services of the licensed providers in Nigeria, MATS LTD ( Merchant and Agent transactions services Ltd ) is actively aggregating licensed providers of mobile money in Nigeria to enable subscribers transact from any of the operator platforms, via any channel at MATS agent outlets which is in active roll out nationwide.
The firm had successfully signed up and integrated 10 licensed Mobile Money providers in Nigeria, the largest of such initiative in entire West and Central Africa.
It will enable licensed operators lower their operational cost, accelerate roll out and the reach of mobile financial services as well as agency banking.
MATS has built a next generation aggregated platform that can handle and process subscriber requests from all the licensed partnering financial institutions and mobile money operators to access their agency network for transactional purposes.
The agency network which is in active roll out will be combined with own network locations and partner locations in collaboration with leading distribution networks; will be manned by trained MATS certified and branded agents nationwide.
The firm has signed agency agreements with FETS, VCash, Teasy mobile, clicknpay, Readycash, Paga, eTranzact, Fortis MobileMoney, Fidelity Bank , Heritage Bank for agent aggregation and agency banking.
The firm is expected to complete agreement signing processes with all other leading providers in coming weeks.
Emmanuel Okoegwale, director at MATS ‘’We have been working on the project in the last two years and had witnessed the pain points of the licensed providers in terms of agent network churn, acquisition cost and monitoring . We have taken all these into consideration to offer this next gen platform which comes along with the staffed agency network to serve licensed providers in Nigeria to further deepen the financial inclusion aspirations of the Central Bank of Nigeria.. We know that Mobile Money is low value and high volume based business and that is why We are partnering with licensed providers to use our staffed outlets to ensure service quality, reach, transaction volumes and deepen adoption in furtherance to the financial inclusion aspirations of the Central Bank of Nigeria’’.
MATS is powered by technology from Alterna, a subsidiary of Swifta Systems. Alterna has built and deployed next generation agent service aggregation platform to support MATS initiatives.
The technology behind MATS is a convergent system that aggregates mobile financial services from multiple payments schemes across heterogeneous systems – providing convenient and secured channels for mobile financial services covering agency, merchant and other associated transactions
Leveraging on the strong footprints of Swifta in some of the leading and pioneer mobile financial services frontier markets in Africa, Alterna has successful deployed, robust and highly scalable enterprise financial service aggregation platform in partnership with leading mobile network operators and financial institutions across Africa.
According to Victor Asemota, CEO of Swifta systems – “We have seen all around Africa the gap in getting Mobile Financial Services initiatives to reach scale. We decided to solve this problem by helping put in place a collaborative marketplace platform that not only provides the consumer all alternatives and choice but also strengthens the brand of each operator by helping them reach scale faster on shared infrastructure.
Commenting on the innovative model, Musa Ali Baba, CEO at teasy Mobile, one of the licensed partners of the MATS scheme, said: “We at Teasy are delighted to partner with MATS. We have worked closely together from inception of the project and are pleased that it has come towards fruition; wherein our customers and the general public shall benefit from the agent access, convenience, interoperability and consistency of service that we all need to make Mobile Money work for Nigeria.”
The agency network is designed to enable any customer of partnering mobilemoney providers or banks to conduct all agent related transactions at MATS locations nationwide without incurring any additional cost aside the normal fees charged by their primary provider. The organization is in active discussions and concluding with leading international remittance firms, utilities providers and value chain enterprises to use the agency network to make low cost banking and payment more efficient nationwide. The innovative model will enable providers accelerate; deepen adoption, reach and usage of mobile financial services across Nigeria while MATS will focus on the agency network roll out.
E-Financial
NBS Reports ₦6.72 Trillion VAT Haul as Tax Reforms Pay Off

Nigeria’s Value Added Tax (VAT) revenue surged to ₦6.72 trillion in 2024, marking an 84.6% increase from ₦3.64 trillion in 2023, according to the National Bureau of Statistics (NBS). This sharp rise reflects stronger economic activity and improved tax collection efforts across key sectors.
VAT revenue showed consistent growth throughout the year. In Q1 2024, collections stood at ₦1.43 trillion. This rose to ₦1.56 trillion in Q2, representing a 9.09% increase. Q3 recorded ₦1.78 trillion, up 14% from the previous quarter, while Q4 peaked at ₦1.95 trillion, a 9.5% rise from Q3.
In Q4 alone, VAT collections totaled ₦1.95 trillion, with domestic VAT payments contributing ₦917.40 billion, non-import foreign VAT at ₦554.68 billion, and import VAT at ₦474.75 billion. Domestic VAT remained the largest source, indicating strong local business activity and consumer spending.
Several sectors posted significant quarter-on-quarter growth in Q4. Extraterritorial organisations and bodies saw a dramatic rise of 180.05%, followed by agriculture, forestry and fishing at 70.83%, and human health and social work at 46.13%. These gains suggest increased operational scope, improved compliance, and possibly targeted government incentives.
However, not all sectors fared well. Households as employers and self-use production contracted by 28.97%, while the information and communication sector declined by 23%. The drop in ICT may reflect shifting market dynamics or regulatory headwinds affecting digital services.
Overall, the surge in VAT revenue signals a positive fiscal outlook for Nigeria, with implications for budgetary planning, infrastructure investment, and social services funding. It also highlights the importance of sector-specific monitoring to sustain momentum and address emerging challenges.
E-Financial
FIRS Unveils e-Invoicing, Electronic Fiscal System for Large Taxpayers

Federal Inland Revenue Service (FIRS) has commenced an electronic invoicing solution (e-invoicing) aimed at transforming digital tax administration and revolutionising tax payment in Nigeria.
The e-invoicing system, also known as the Merchant-Buyer Model, is designed to make tax compliance easier, faster and more transparent for all categories of taxpayers.
A statement by Dare Adekanmbi, special adviser on Media to Zacch Adedeji, chairman, FIRS, said the solution went live on August 1, following a successful pilot phase which began in November 2024.
According to the statement, large taxpayers, which are companies with annual turnover of N5 billion and above, are the first to be onboarded. In less than two weeks after the initiative went live, no fewer than 1,000 companies, representing 20 per cent of over 5,000 eligible firms, have embraced the solution and commenced integration with the FIRS MBS platform.
It noted that the remaining large taxpayers are expected to come onboard on or before November 1, the deadline for all firms in the category to complete their onboarding and integration processes.
“MTN Nigeria became the first taxpayer to transmit live electronic invoices to the FIRS, officially ushering in the e-invoicing regime. Huawei Nigeria and IHS Nigeria have also concluded test transmissions and are set to go live in the coming days.
“In collaboration with the National Information Technology Development Agency (NITDA), Service Providers have been incorporated into the ecosystem to act as both System Integrators and Access Point Providers. These providers will facilitate the onboarding, integration, and invoice transmission processes for taxpayers.”
The statement commended all large taxpayers, tax consultants, and service providers for their cooperation and commitment to the success of the project.
“We also acknowledge the genuine efforts of many taxpayers who strove to meet the 1st of August 2025 deadline but encountered operational constraints.
“In the spirit of encouraging voluntary compliance, the FIRS management has graciously approved a three-month extension of the deadline, with the new deadline now set for 1st November 2025.
“The FIRS e-Invoicing Implementation Team will continue to provide support through stakeholder engagements, including webinars, workshops, and town hall meetings, to ensure a seamless transition for all large taxpayers,” it added.
The national e-invoicing solution is an electronic fiscal system (EFS) developed by FIRS to provide real-time visibility into commercial transactions and ensure the authenticity, accuracy and completeness of invoices.
It is being implemented in phases, starting with large taxpayers, with medium and emerging groups to follow.
The initiative aligns with global best practices and supports the Federal Government’s broader objectives of enhancing revenue assurance, reducing tax evasion, and modernising tax administration.
It is also a critical tool in the implementation of the Nigeria Revenue Services Reform Act, which seeks to harmonise revenue reporting and establish a single source of truth for government revenues.
E-Financial
First Securities Secures Remarkable Position in NGX Performance Report

First Securities Brokers Limited, the stockbroking subsidiary of First Holdco Plc, recently announced its impressive performance in the latest Nigerian Exchange (NGX) Broker Performance Report. The firm secured first place in terms of trading volume and value of transactions for the month of July, 2025.
According to the report, First Securities Brokers Limited displayed strong trading activity and strategic market positioning, further solidifying its reputation as a significant player in the capital and equities market.
Fiona Ahimie, Chief Executive Officer and Managing Director of First Securities Brokers Limited expressed her pleasure at the firm’s achievement of a trading value of ₦414.457 billion, which accounts for 22.80% of the total trading value reported by the NGX during the review period. This performance highlights the effectiveness of the integrated model promoted by First Holdco Plc.
The Holding Company’s strategic focus on synergy within the Group played a crucial role in enhancing the performance of First Securities Brokers Limited.
“This remarkable achievement reflects the hard work and dedication of our entire workforce, as well as the trust our clients continue to place in us. It underscores our growing influence and effectiveness in the Nigerian equities market,” she added.
“Our focus on providing innovative and seamless trading solutions, coupled with deep market expertise, has been crucial to driving this success. We are not just a brokerage firm; we are strategic partners in our clients’ financial journeys. This recognition further motivates us to deliver exceptional value.”
“We remain committed to creating long-term value for our clients and stakeholders. Building on this momentum, we will continue to enhance our service offerings and further establish our position as a key driver of growth and development in the Nigerian financial market.”
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