How Fintech Apps Share Data With Regulators (What Users Should Know Introduction As fintech apps replace traditional banking for millions of Nigerians, a common concern keeps coming up: “Do fintech apps share my data with the government?” For POS agents, small businesses, and everyday users, this question has become more urgent with Nigeria’s proposed 2026 tax reforms and increased digital monitoring. At FintechTodayNews.com, we explain what actually happens, what the law allows, and what users should realistically expect—without panic or misinformation. Why Regulators Monitor Fintech Activity Nigeria’s financial system is regulated to: Prevent fraud and money laundering Protect consumers Enforce…
Author: FinTech Today
Revenue vs Profit vs Turnover: The Biggest Tax Confusion Hurting Nigerian Small Businesses Introduction One of the biggest reasons Nigerian small businesses fear tax is confusion—not taxation itself. Terms like revenue, turnover, and profit are often used interchangeably in everyday conversation. Under Nigerian tax law, however, they mean very different things, and misunderstanding them can lead to over-taxation, penalties, or estimated assessments. At FintechTodayNews.com, we break these concepts down in plain language and explain why understanding the difference is critical for POS agents, SMEs, and informal businesses. What Is Turnover? Turnover refers to the total amount of money that passes…
How Much POS Agents Really Make in Nigeria: A Realistic Breakdown Introduction There is a widespread belief that running a POS business in Nigeria is easy money. The reality on the streets tells a very different story. At FintechTodayNews.com, we analyzed how POS agents actually earn, what they spend, and what remains as real profit – because discussions around taxation, regulation, and compliance must be grounded in reality, not assumptions. How POS Agents Earn Money POS agents earn income primarily through service commissions, including: Cash withdrawal commissions Transfer fees Bill payments and airtime sales Typical commission per transaction ranges between…
Will Nigerians Be Taxed on Loans in 2026? What the Law Really Says Introduction As Nigeria prepares for its proposed 2026 tax reforms, confusion is spreading—especially around one sensitive question: “If I collect a loan, will I be taxed on it?” For POS agents, small business owners, and fintech users who depend on loans to run daily operations, this concern is understandable. At FintechTodayNews.com, we break down what Nigerian tax law actually says without panic, exaggeration, or misinformation. What Nigerian Tax Law Says About Loans Under Nigeria’s existing tax framework, the position is clear: Loans are not income Tax applies…
Safaricom’s $310 Million Debt Raise: Full Update on Bond Issuance and What Comes Next Safaricom PLC, Kenya’s largest telecommunications and digital services company, is midway through a landmark debt-raising programme worth approximately $310 million (about KSh 40 billion), marking one of the biggest corporate fundraising efforts in East Africa’s capital markets. What Is Safaricom Raising? In November 2025, the Capital Markets Authority (CMA) approved Safaricom’s plan to launch a Domestic Medium-Term Note (MTN) programme worth up to KSh 40 billion (≈ $308 million). This initiative allows the company to raise long-term capital in multiple tranches—which can include green, social,…
What the 2026 Nigerian Tax Reform Means for POS Agents Nigeria’s sweeping 2026 tax reforms are set to reshape how millions of Point-of-Sale (POS) agents operate, earn, and report income across the country. As the government expands its tax net and integrates fintech data into tax systems, POS agents—many of whom operate in the informal sector—are now firmly on the radar of tax authorities. Why POS Agents Are a Key Target POS businesses handle high transaction volumes, generate daily cash flow, and increasingly rely on fintech platforms and bank settlements, making them easier to track. With reforms focused on: Expanding…
FG Clarifies 7.5% VAT on Bank & Fintech Digital Transactions — What Nigerians Must Know Nigeria’s Federal Government has reaffirmed that banks, microfinance institutions, and fintech platforms must collect and remit 7.5 per cent Value Added Tax (VAT) on selected electronic banking service fees — a directive that took effect from January 19, 2026 and is now fully being implemented across the financial sector. Under the new enforcement, service charges on digital transactions such as mobile transfers, USSD banking, POS fees and card issuance will attract VAT, but the tax is not applied to the principal amount being transferred.…