Echotitbits – Nigeria News

Tag: bank accounts

  • Oyedele says tax ID won’t be required for strictly personal bank accounts under new regime

    Oyedele says tax ID won’t be required for strictly personal bank accounts under new regime

    In a clarification reported by Leadership, Taiwo Oyedele said Tax Identification Numbers (TINs) are not required for strictly personal bank accounts, pushing back against misinformation circulating around the new tax regime.

    The explanation is aimed at reducing panic and preventing unnecessary barriers to everyday banking, especially for low-income users and informal-sector participants.

    Policy experts stress that the real issue is how rules are implemented across banks and agencies: unclear guidance can still lead to inconsistent enforcement and customer frustration.

    Stakeholders are calling for a single, authoritative implementation circular—covering thresholds, exemptions and documentation—so banks can apply requirements consistently.

    Echotitbits take: The reform conversation is being distorted by misinformation. Watch for official FAQs, bank circulars and enforcement guidance—those documents will determine lived reality.

    Source: The Punch – https://punchng.com/oyedele-clarifies-tax-id-rules-for-bank-accounts/ 11 January 2026

    The Punch 2026-01-11

    Photo Credit: The Punch

  • Kaduna Opens 800,000 Bank Accounts as Financial Inclusion Surges

    Kaduna Opens 800,000 Bank Accounts as Financial Inclusion Surges

    Photo Credit:Punch Newspapers

    Kaduna State has recorded 800,000 new bank accounts as part of an aggressive financial‑inclusion drive targeting low‑income residents and informal‑sector workers. Authorities attribute the surge to mobile‑banking campaigns, agent networks and partnerships with microfinance institutions and fintechs.

    Officials say greater access to formal financial services is helping citizens save securely, receive government payments and access credit for small businesses. The initiative aligns with national inclusion targets and could serve as a model for other states seeking to bring more people into the formal economy.

    Source: Punch Newspapers – 12 Dec 2025

    2025-12-12 10:00:00 Punch Newspapers – 12 Dec 2025 2025-12-12