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Business News

Government should create favourable tax policies for SMEs – Tony Elumelu

Nigerian businessman, Tony Elumelu, has advocated the need for the Nigerian Government to provide favourable tax policies for Small and Medium Enterprises.

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UBA H1 Year 2019 Tony Elumelu, United Bank for Africa

Nigerian business mogul and Chairman of United Bank for Africa Plc, Tony Elumelu, took to his Twitter page, yesterday, to advocate the need for the Nigerian Government to provide favourable tax policies for Small and Medium Enterprises.

According to Mr. Elumelu, this has become imperative considering the fact that an average Nigerian business owner typically takes up the role of a local government by providing his or her own electricity, water supply, and waste disposal.

He continued by saying that the Government should make things easier for entrepreneurs by creating favourable tax policies for Small and Medium Enterprises.

Nigeria pays more tax compared to other countries 

He further noted that the average amount of taxes businesses pay in Nigeria is 48, compared to 33 in other Sub-Saharan countries. Meanwhile, in Hong Kong, it’s just 3.

Nigeria needs more taxation treaties 

Still on taxes, Mr Elumelu noted that Nigeria has 14 taxation treaties while a country like South Africa has 79 double taxation treaties.

He continued that Nigeria’s tax to GDP ratio is approximately 6%. Rwanda, which is a much smaller country, has a tax to GDP ratio of about 16%.

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Nigerians’ reactions

Some Nigerians reacted to Mr Elumelu’s Twitter thread, with many agreeing with what he said. Some even shared their experiences about the unfavourable things many small businesses owners have to go through in the country.

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One of his followers briefly narrated how he provides borehole water, power, and waste disposal for his palm oil mill in Etinan. Now, this is something that the Government is supposed to do. But the small business owner does it himself.

Another follower opined that the Government run down these small businesses through the amount of tax they charge and still leave them to provide all the basic amenities themselves. This situation often causes some of these small businesses to shut down.

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Someone else also opined that the Nigerian Government is dead and that’s why it cannot provide these basic amenities for its citizens.

Another person also wondered why many small businesses never complain about the situation, despite the outrageous bills they are subjected to pay in the name of taxation.

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Business

FG signs new Sustainable Development Goals agreement with UN

The Agreement is for new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.

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Xenophobia, FG reacts to inclusion of Nigeria on religious freedom blacklist by United States

The Nigerian Government has signed a deal with the United Nations to develop new cooperation towards achieving Sustainable Development Goals.

This was disclosed by the Minister of Foreign Affairs, Geoffrey Onyeama, in a statement on Thursday after the agreement was signed with the United Nations Office for Project Services, UNOPS, represented by Ifeoma Charles.

The Minister said, “On behalf of the Nigerian Government, I signed an agreement with the UNOPS represented by Ifeoma Charles Multi-Country Office Rep. The Agreement is for a new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.”

What you should know 

The 17 Sustainable Development Goals are:

No Poverty; Zero Hunger, Good Health, and Well-being; Quality Education; Gender Equality; Clean Water and Sanitation; Affordable and Clean Energy; Decent Work and Economic Growth; Industry, Innovation and Infrastructure; Reducing Inequality; Sustainable Cities and Communities; Responsible Consumption and Production; Climate Action; Life Below Water; Life on Land; Peace, Justice and Strong Institutions; and Partnership for the Goals.

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Business News

Best payment gateway platforms to avoid scams in your business

A payment gateway is a technology used to accept and hasten debit or credit card purchases from customers.

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Many businesses in Nigeria have adopted the online payment method because it is safe, fast, secure, and convenient. In recent times, fintech startups in Nigeria have developed safer payment channels to help businesses conveniently receive online payments.

What is a payment gateway?

A payment gateway is a technology used by merchants to accept debit or credit card purchases from customers. Integrating a payment gateway into your business is highly beneficial as it offers a more secure transaction process for your customers. It can also expand your customer base exponentially because many people will have access to your business at all times. The payment gateway offers faster transaction processing and customers can avoid the inconvenience of long queues.

In Nigeria, there is a wide range of payment gateways to choose from as a business owner. Before choosing a payment provider, you have to find out what each provider is offering and at what cost. Also, look out for PCI-compliant and SSL certificates in order to avoid security problems.

Here is a list of the top payment gateway providers and what they offer.


Paystack

Paystack is a growth engine for a new generation of innovative, forward-looking organizations operating in Africa. The company makes it easy for businesses to accept secure payments from multiple local and global payment channels, while also providing tools to help you retain existing customers, and acquire new ones.

Onboarding and approval take approximately 30 minutes, Paystack accepts payment in USD, GHC, NGN; and offers a wide range of payment methods like Card, Bank Account, Bank Transfer, USSD, Visa QR, and Mobile Money.

Pricing

  • Integrating Paystack is 100% free.
  • Paystack charges 1.5% + ₦100 for local transactions and 3.9% + ₦100 for international transactions.
  • ₦100 fee is waived for transactions less than ₦2500.

Flutterwave

Flutterwave provides the easiest and most reliable payment solution for businesses anywhere in the world. The company makes it easier for Africans to build global businesses that can make and accept any payment, from anywhere across Africa and beyond.

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Onboarding and approval happen immediately. Flutterwave offers a wide range of payment methods like Mastercard, VISA, Bank Account, USSD, Bank Transfer, POS, and Visa QR (for local payments); and Mastercard, VISA, and AMEX (for international payments).

Pricing

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  • Integrating Flutterwave is free.
  • Flutterwave charges 1.4% for local transactions and 3.8% for international transactions.
  • Processing fees are capped at a maximum of NGN 2,000.

Remita

Remita is a payment solution that helps individuals and businesses make and receive payments, pay bills, and manage their finances across multiple banks. Remita accepts payment in Naira and USD.

Remita offers a wide range of payment methods including Internet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, mPOS, Direct Debit, Standing Order, and Electronic Purse.

Pricing

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  • Setting up Remita for your business is free.
  • Remita charges 2% for local transactions and 4% for foreign transactions.

Interswitch Webpay

Interswitch is Nigeria’s leading technology-driven digital payments company, helping to shape the payments ecosystem across the growing e-commerce sector in Africa. Interswitch offers a wide range of payment methods including all Nigerian cards, Verve, MasterCard, and Visa. Onboarding and approval take 1 – 2 weeks approximately.

Pricing

  • Interswitch charges a one-time integration fee of N150,000.
  • For transactions below N133,333, a fee of 1.5% applies, and N2,000 flat fee for transactions above N133,333.

PayU

PayU is a global payment platform that provides a secure way for individuals and merchants to accept and process online payments without the need for their own websites. PayU offers a variety of payment methods including Mastercard credit and debit cards, Verve, Visa and EFT bank transfer.

Pricing

  • PayU has a free setup cost.
  • It has a 2% service charge on all transactions.

Voguepay

Voguepay is an online payment gateway that allows businesses to process payments in any currency from customers all around the world. Vogue accepts payments via local and international payment methods including Verve, Visa, Mastercard, Bank Transfer, and Voguepay wallets.

Pricing

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  • Vogue pay charges N1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards) for setup.
  • Local transactions attract a 1.5% charge, while international transactions attract a 3.8% charge.
  • Onboarding and approval to Voguepay take between 1-5 days.

Monnify

Monnify is a payment gateway that allows businesses to seamlessly process payments from customers from multiple payment channels. It provides an easier and faster way for businesses to receive payments from customers on their web and mobile applications.

Monnify accepts payments via USSD, Internet banking, mobile banking app, and all Nigerian debit cards.

Pricing

  • Monnify setup fees and maintenance costs are free.
  • The fee for account transfers is capped at N500 per transaction or a flat rate of N300 (excluding VAT).
  • The card fee is capped at N2000 per transaction.

 

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Adopting a payment gateway for your online business can reduce the risk of fraud and also help you retain your customers. This means that your business is open 24/7 and your customers can shop at any time from the comfort of their homes.

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