FIRS Launches E-Invoicing for Payment Gateways in Nigeria
FIRS introduces the E-invoicing to ensure that all business transactions pass through the FIRS Merchant Buying Solution (MBS).
FIRS Launches E-Invoicing for Payment Gateways in Nigeria
The Federal Inland Revenue Service (FIRS) has launched a reporting portal called "e-invoicing" for payment gateway companies operating in the Nigeria to to report all transactions passing through their systems for tax compliance oversight. Some popular major gateway companies currently operating in the country are Flutterwave, Monnify, Paystack, Interswitch and Remita. These payment gateways are online platforms licensed by the Central Bank of Nigeria (CBN). Payment gateways are companies that allow businesses of all types to process customer transactions online or in-store using various payment methods like bank cards, USSD, digital wallets like OPAY, and bank transfers. In other words, payment gateways offer a fast, reliable, and convenient ways for businesses to collect payments from their customers. Now, FIRS is mandating all Nigerian payment gateways to report all transactions to FIRS for compliance monitoring. During a 2-day workshop on the e-invoicing solution in Lagos wh…
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Temmy is the founder of Budgetrend. He is a seasoned journalist with extensive experience in business of technology, economy, finance, business, money, politics and education. He is currently studying Accounting at the Federal University of Oye-Ekit…
