The Nigerian Federal Government has announced the removal of the proposed five per cent excise duty on telecommunication services.

The move is in line with the recommendations of the Presidential Review Committee on Excise Duty in the Digital Economy Sector, which was set up to review the implementation of excise duty in the telecom sector, Investors King reports.

Isa Pantami, the Minister of Communications and Digital Economy and chairman of the committee, made the announcement at a press briefing.

He stated that the exemption was granted due to the argument presented to President Muhammadu Buhari by the committee that the additional burden on the telecom sector would increase the sufferings of Nigerians.

The telecoms sector is already heavily taxed, paying up to 41 categories of taxes, levies, and charges. Pantami noted that there was no need for excise duty in the sector, as it had been contributing hugely to Nigeria’s economy.

The proposed tax had been met with resistance from telecommunication consumers under the National Association of Telecoms Subscribers, who had sued the Federal Government in court. The tax would have been an additional burden on the already struggling small and medium-sized enterprises that depend on the sector for survival.

The removal of the excise duty is a welcome development for consumers and businesses in the sector. It will relieve the burden on telecom operators and ensure the continued growth of the industry.

The government’s decision to exempt the digital economy sector from the tax is a step in the right direction towards promoting a favorable business environment for investment and growth.

Meta-owned messaging platform WhatsApp has rolled out a new feature on the platform to intensify group privacy.

This new feature according to WhatsApp is designed to give admins more control over who can join a group.

The company said, “Today we’re excited to roll out a few new changes we’ve made to make groups more manageable for admins and easier to navigate for everyone. As more people join communities, we want to give group admins more control over their group privacy, so we’ve built a simple tool that gives admins the ability to decide who is able to join a group. 

“When an admin chooses to share their group’s invite link or make their group joinable in a community, they now have more control over who can join. Groups are where people have some of their most intimate conversations and it’s important that admins are able to easily decide who can and cannot come in”.

With this new feature, admins can click an “X” or a checkmark to either reject or approve a user.

Also, WhatsApp has launched another feature that enables users the ability to see which groups they have in common with someone.

This feature comes in handy in larger groups and communities, where it can be difficult for users to remember which groups they are a part of. Users can now search for a contact’s name to see their groups in common, making it easier to navigate and stay connected with others.

“Whether you’re trying to remember the name of a group you know you share with someone or you want to see the groups you’re both in, you can now easily search a contact’s name to see your groups in common,’ WhatsApp said.

The two new features announced will start rolling out globally over the coming weeks. The launch of features comes a few months after WhatsApp launched Communities, a new feature offering larger, more structured discussion groups.

Launched in 2009, WhatsApp is a free application that can be used across different smartphone operating systems which includes; Apple, and Android as well as on computers and laptops.

The widespread use of mobile smartphones globally, along with better affordability of mobile data, has made it possible for many people across the world to use WhatsApp.

Since its launch in 2009, WhatsApp has become a social network that enables individuals to connect individually and collectively. In 2019, it had 1.5 billion users in 180 countries.

Investors King understands that the widely used messaging platform has no doubt transformed everyday communication at various levels, from the professional, educational, and interpersonal level.

The Central Bank of Nigeria (CBN) has recently granted licenses to ten (10) digital banks offering services in the country.

While these digital banks could be lumped as FinTech due to the similarities in their service offerings, they operate under different license categories issued by the Central Bank of Nigeria (CBN). With payment at the core of these Digital banks, many of them would like to do more, hence, to pursue this aspiration, several of them have acquired microfinance banking (MFB) licenses.

Unlike the regular commercial bank license, the MFB licenses are a low-cost quick fix for digital banks. It allows them to accept deposits and provide lending services, the most basic banking services. 

Investors King understands that a microfinance bank (MFB) license is the most commonly used license for the purpose of digital banking in Nigeria. The MFB license enables the holder to receive deposits and grant loans to its customers.

For many Digital banks, an MFB license is important, which has seen a large number of them acquire MFB licenses over the last few years. The MFB license also serves as a quick fix for Digital banks looking to offer some banking services but are unable to raise the ₦25 billion ($59.5 million) required to secure a commercial bank license.

It is however pertinent for individuals to know the status of most digital banks as regards their license before trusting them with their funds. This step shouldn’t be overlooked due to the fact that a lot of digital banks operating in the country today are illegal which can spell doom for customers in the long run.

Check Out The List of Ten (10) Digital Banks Granted Microfinance Bank Licenses by the CBN

1.) Piggyvest

Launched in 2016 just as a savings product, Piggyvest which is a CBN-Licensed microfinance bank has morphed into more than just a savings platform and is growing into a robust financial management platform with many products planned for the next few years. Piggyvest operated in partnership with 2 Microfinance banks and used their licenses. However, in early 2018, the startup acquired Gold Microfinance bank and its license.

2.) Moniepoint

CBN-Licensed microfinance bank Moniepoint is one of Nigeria’s leading financial solutions providers, formerly known as TeamApt. Moniepoint is a community-based bank with its services powered by Moniepoint MFB Limited, a Microfinance bank duly licensed by the Central Bank of Nigeria (CBN). In 2022, Moniepoint MFB was also awarded by the CBN as the most inclusive payment platform in the country.

3.) VFD Microfinance

VFD Microfinance bank is one of the leading microfinance banks in Nigeria which is based in Lagos. The company is run by a highly experienced management board, with more than five decades of excellent customer service under their belt. The VFD Group Plc has stated that it will intensify its quest to obtain a commercial banking license from the Central Bank of Nigeria (CBN) before the end of 2023.

4.) Sofri

Launched in April 2022, Sofri is a trademark of Links Microfinance Limited (Links Mfb). Links Mfb is licensed and regulated by the Central Bank of Nigeria (CBN) and deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC). The startup uses technology to deliver superior customer service to its customers.

5.) FairMoney

FairMoney MFB, a digital microfinance bank that is licensed by the Central Bank of Nigeria (CBN) provides financial services via its flagship mobile app. With Fairmoney, users can get a loan instantly in 5 minutes, from anywhere in Nigeria. They can repay on or before your due date with no hidden charges.

6.) Mint

Mint Digital Bank is a CBN-Licensed microfinance bank and a subsidiary of Finex Microfinance Bank that offers unparalleled value to Nigerians by providing innovative solutions to businesses and individuals who require digital financial services. The bank also provides financial services to underserved groups such as low-income earners.

7.) Carbon

Carbon is a Microfinance Bank licensed by the Central Bank of Nigeria (CBN) with deposits insured by the Nigerian Deposit Insurance Corporation (NDIC). Carbon offers Nigerians better financial services through free transfers, high-yield savings, and buy now pay later at zero account fees and an annual interest of 1% per annum.

8.) Kuda

Kuda is a full-service digital microfinance bank that is duly licensed by the Central Bank of Nigeria. Kuda offers users more than one way to pay easily, including a widely accepted debit card issued in partnership with Visa, quick web payments direct from their Kuda account, and location-based gift cards for shopping and subscriptions. From international transfers to on-the-spot payments at market stalls, the startup has simplified sending money.

9.) Sparkle

Sparkle Microfinance Bank is licensed by the Central Bank of Nigeria (CBN). All deposits are insured by the Nigerian Deposit Insurance Corporation (NDIC). Sparkle is a lifestyle and financial ecosystem providing seamless solutions to Nigeria’s retailers, SMEs, and individuals. The startup mission is to help Nigerians fulfill their potential by democratizing access to valuable solutions for their business and personal needs.

10.) Eyowo

Eyowo Microfinance Bank Ltd (RC838171) is licensed by the Central Bank of Nigeria as a Microfinance Bank. Eyowo unifies all the financial tools users need to pay, receive, budget, and save money in one place, also providing you with the safest card in Nigeria in partnership with Mastercard.