Tere,
The Kenya Revenue Authority (KRA) will impose fines on more than 2.5 million Kenyans if they fail to file their tax returns by June 30, 2023.
As of June 27, 2022, 7.5 million people were registered in the KRA database, but only about five million had filed their returns.
Failure to meet the deadline carries a fine of KSh 10,000 or 25% of the tax bill for salaried employees, KSh 5,000 for SMEs that pay turnover tax, and KSh 20,000 or 5% of the tax liability on other business incomes.
Companies are subject to a fine of KSh 20,000 or 5% of the tax due in the year the return captures, whichever amount is higher.
Side note: If you enjoy the Techpoint Africa Podcast, please note that due to the holidays, the editorial team will be recording the podcast on Friday, not today. So, watch out for it tomorrow!
Here's what I've got for you today:
- CBN sets transaction caps for contactless payments
- FNB gets a second MVNO partner
CBN sets transaction caps for contactless payments
The Central Bank of Nigeria (CBN) has announced transaction caps for contactless payments.
The apex bank released a circular defining daily transactional limits of ₦15,000 and cumulative caps of ₦50,000. Higher-value contactless payments that surpass these limits must be subject to proper verification and authorisation.
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Existing Know Your Customer (KYC) guidelines and restrictions on electronic payment channels will apply to these transactions.
In October 2022, the CBN issued guidelines on contactless payments to commercial banks, financial institutions, and payment service providers to promote innovation in the market.
Prepaid, debit, and credit cards, key fobs, mobile electronics, and wearable devices all support contactless payments, which are a safe and convenient way to conduct transactions without making physical contact.
It uses near-field communication (NFC) technology, which allows users to complete a transaction by simply tapping or waving their payment device near the terminal.Sidebar Alert: Last week, the CBN instructed financial institutions, including commercial banks, to include social media handles in their KYC processes by gathering and verifying them.
FNB gets a second MVNO partner
MTN South Africa has partnered with First National Bank (FNB) to provide network services for the bank's mobile virtual network operator (MVNO), FNB Connect.
MTN will be the company's second MVNO partner in South Africa. Cell C is the first.
MVNOs like FNB Connect ride on networks developed by network operators, utilising their brands to entice customers and strengthen their current offerings.
FNB and MTN, in a joint statement, said the partnership will provide FNB Connect users with quicker access to reliable telecommunications and Internet services.
The addition of MTN as a network partner "enables customers to enjoy the best of both worlds in network quality."
Sidebar Alert: Last week, Cell C announced that it had completely switched to an MTN-provided "virtual radio access network" for its prepaid and MVNO customers.
In case you missed it
- Techstars' Nigeria Managing Director shares insights on getting into the accelerator, building in public, and investor due diligence
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What I'm reading and watching
- Google introduces a new shop tab for rentals and purchases on Android TV
- How to Achieve Your Most Ambitious Goals
- Spelling Bee Contestant Asks The Definition of “Woman”
- Do schools kill creativity?
Opportunities
- Ethena Labs is hiring remote for Quantitative Software Engineer and Senior Web3 Engineer (Full-Stack). Apply here.
- Bravado is looking for a remote Lead Product Designer. Apply here.
- Applications are open for the AWS Startup Loft Accelerator. It's an equity-free programme focused on supporting early stage startups in Europe, the Middle East, and Africa with technology, product development, go-to-market advice and getting you funding ready. Apply here.
- If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.
Have a terrific Tuesday!
Victoria Fakiya for Techpoint Africa.
