Echotitbits – Nigeria News

Tag: cashless policy

  • NICA Demands Shift to Credit-Based Economy to Spur Growth

    NICA Demands Shift to Credit-Based Economy to Spur Growth

    The National Institute of Credit Administration (NICA) has renewed calls for the Federal Government to institutionalize a credit-driven economic model, arguing that a transition from predominantly cash-based transactions can deepen financial inclusion and improve long-term economic resilience.

    Key argument: NICA says a functional credit economy depends on strong legal frameworks for default management and a culture of transparency, alongside closer collaboration between government reforms and professional credit institutions.

    Context: Analysts cited in related coverage suggest a properly implemented credit-led recovery could boost growth, but implementation risks remain—especially amid inflation and policy uncertainty.

    Echotitbits take: A stronger credit system could expand SME capacity and middle-class purchasing power. The real test is whether monetary policy and inflation dynamics can support affordable lending without increasing systemic risk.

    Source: The Guardian – https://guardian.ng/business-services/nica-seeks-migration-to-credit-based-economic-growth/ (January 25, 2026)

    The Guardian 2026-01-25

    Photo Credit: The Guardian

  • CBN gives payment firms 30 days to add dual channels for PoS transactions

    CBN gives payment firms 30 days to add dual channels for PoS transactions

    photo: CBN headquarters — Wikipedia

    According to The Punch, the Central Bank of Nigeria (CBN) has directed financial institutions, acquirers and payment service providers to implement mandatory dual connectivity for Point-of-Sale (PoS) transactions within one month to reduce failures and downtime.

    The directive, issued via a circular signed by the CBN’s Payments System Supervision leadership, is designed to ensure PoS transactions can automatically route through an alternative channel when one switch or aggregator fails.

    Daily Post also reported the same policy move, describing it as a 30‑day deadline aimed at stabilising PoS performance and reduce persistent transaction disruptions for merchants and consumers.

    Other industry reporting and commentary (including BusinessDay’s coverage shared on social platforms) echoed the policy intent: improve resilience, enforce reporting, and strengthen reliability testing across the payments ecosystem.

    Analysis/Echotitbits take: This is a quality-of-service crackdown, not just another circular. If enforcement is real, the biggest impact will be on downtime-driven “lost sales” for SMEs and on customer trust in cashless payments. Watch for compliance audits, penalties for repeated outages, and whether smaller aggregators can afford the redundancy costs without pushing fees higher for users.

    Source: The Punch — 12 Dec 2025 (https://punchng.com/cbn-sets-one-month-deadline-for-dual-pos-connectivity/)

     

  • JTB Begins Transition to New Tax Laws for 2026

    JTB Begins Transition to New Tax Laws for 2026

    The Joint Tax Board has begun aligning systems and guidelines with new tax laws taking effect in 2026, including rules for cashless transactions and digital payments. The JTB will support state tax authorities in the transition.

    PUNCH, 11 Dec 2025

  • JTB Begins Transition to New Tax Laws for 2026

    The Joint Tax Board has begun aligning systems and guidelines with new tax laws taking effect in 2026, including rules for cashless transactions and digital payments. The JTB will support state tax authorities in the transition.

    PUNCH

    11 Dec 2025