Fintech In Africa - Web3Africa

The Invisible Taxman: How FIRS’s New System Targets Every Digital Naira (Including Crypto)

KenMichaelsJuly 28, 2025January 29, 202607 mins

FIRS launches VAT portal as Nigeria’s $59 billion crypto ecosystem faces Transaction Monitoring System requiring real-time API integration for banks, fintechs, PSPs like PayStack and Flutterwave. Non-residents earning over $25,000 annually must register and remit VAT targeting $4.6 billion digital economy. Crypto on/off-ramps, cNGN/USDT exchanges, wallet providers with fiat conversion now taxable. Executive Chairman Zacch Adedeji: “Transformative leap in transaction visibility.” Penalties under Tax Administration Act Sections 71 & 103: $652 (₦1M) + $6.5 (₦10k) daily non-compliance fines.

How Visa Is Backing Francophone Fintech Growth

KenMichaelsJuly 8, 2025January 29, 202609 mins

Visa positions Francophone Africa fintech growth as emerging alternative to Anglophone giants, deploying $1 billion across 17 nations targeting Dakar, Cotonou, Abidjan. Loïc Aplogan: “We’re not just writing checks; We’re co-developing, iterating, and scaling what works.” Co-creation model partners with local fintechs (JUMU in Côte d’Ivoire) to develop mobile-first payment solutions as 60% of West Africa’s population under 25 drives digital-first expectations. “Follow the User” strategy meets consumers where mobility and digital payments provide financial access.

Xend Finance and AXA Partner to Unlock High-Yield cNGN Investments

KenMichaelsJuly 2, 2025January 29, 202609 mins

Xend Finance revolutionizes access: partner with AXA Finance for 21-22% annual returns in Nigerian money markets via cNGN stablecoin. International investors swap USDT to cNGN on Asset Chain, invest on-chain, bypassing conversion hassles and P2P fraud. Solves fragmentation in markets where stablecoins = 43% of transactions. Smart contracts ensure speed, transparency, security. CEO Aronu’s mission: bridge global liquidity to high-yield local opportunities while fostering inclusion. Africa’s answer, built by Africans.