Taxation is not a subject that Nigerians want to talk about, but the Federal Inland Revenue Service (FIRS) is about to make it unavoidable. Using the National Identification Number (NIN), the organisation wants to track financial transactions in the country to tax Nigerians effectively. Your NIN will be required for any transaction you engage in, including paying school fees or purchasing a car.
This was how we kicked off proceedings on the Techpoint Africa podcast today. While this development could increase government revenues, Oluwanifemi wondered how good this could be in light of revelations that cast doubt on the safety of data collected by Nigerian government agencies.
Next was a look at Jumia's financial report for the first quarter of 2022. Compared to Q1 2021, the company witnessed impressive growth with revenue growing to $47.6 million, orders growing to 9.3 million, and gross merchandise value hitting $252.7 million.
With the company announcing that it had acquired a payment service solution provider license (PSSP), we explored the possibility of the company growing its fintech footprints. We also touched briefly on its healthtech ambitions and its chances of survival.
We rounded up the day's discussion with news of Autochek's acquisition of the Moroccan cars marketplace KIFAL Autos and the viability of the BNPL model for cars. Emmanuel shared a Technext report that revealed that most car marketplaces in Nigeria made up to 150% profit from car sales. With many Nigerians earning below 200,000, it's not clear how profitable these companies could be in the long run.
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