FG urged to adopt scalable tech solutions to boost revenue

Financial Technology experts have advocated for the adoption of scalable, technology-driven systems to strengthen Nigeria’s revenue generation efforts, while promoting inclusiveness and accountability. They made the suggestions at the Nigeria Revenue Summit organised by Interswitch in Abuja. The summit brought together key stakeholders from government, regulatory bodies, and the private sector and provided a platform […]

Financial Technology experts have advocated for the adoption of scalable, technology-driven systems to strengthen Nigeria’s revenue generation efforts, while promoting inclusiveness and accountability.

They made the suggestions at the Nigeria Revenue Summit organised by Interswitch in Abuja.

The summit brought together key stakeholders from government, regulatory bodies, and the private sector and provided a platform for in-depth discussions on strengthening revenue systems through digital transformation, improved compliance, and technology to enhance efficiency and transparency in public sector revenue collection. 

Building on the momentum of the Lagos edition, the Abuja leg of the summit further emphasized the need for scalable, technology-driven solutions that can support national revenue objectives while ensuring inclusivity and accountability.

Participants underscored the role of data, automation, and integrated payment systems in enabling more effective revenue administration frameworks across federal, state, and local levels.

In her opening address, Chinomso Nwachukwu, Chief Financial Officer (Nigeria), Interswitch, highlighted the evolving role of finance in today’s real-time, data-driven economy.

“Finance functions have moved beyond their traditional roles as gatekeepers and cost controllers to becoming strategic partners, performance drivers, and influencers within organisations, emphasising the growing global shift toward e-invoicing.

“E-invoicing represents a critical global shift and a key government-led initiative under the Nigeria Revenue Service (NRS) to drive transparency and visibility,” she stated.

Nwachukwu underscored the shifting dynamics of finance in an increasingly real-time, data-driven economy.

She stated that Interswitch’s hosting of the Nigeria Revenue Summit 2.0 is aimed at supporting this transformation by reducing revenue leakages and improving compliance, particularly for businesses.

However, for this initiative to succeed, there must be strong stakeholder engagement, with platforms like the Nigeria Revenue Summit which are essential in bringing the right people together, enabling the right conversations, and ensuring that stakeholders are well informed on what truly matters.

Also speaking at the summit, Mohammed Bawa, Project Manager, E-Invoicing, NRS, highlighted the rationale for implementing e-invoicing in Nigeria, noting that tax administration bodies across the world are increasingly digitising their systems, and Nigeria cannot afford to be left behind.

He emphasized that automation will play a critical role in improving efficiency and transparency, describing e-invoicing as a transformative step for the country’s revenue ecosystem.

He called on Nigerians to support the initiative, noting that, “Globally, tax systems are evolving through digital transformation, and Nigeria must move in the same direction. The automation of tax processes, particularly through e-invoicing, will be a game changer in improving transparency, efficiency, and compliance.

In his address, Muyiwa Asagba, Managing Director, Commercial Inclusion, Interswitch, reaffirmed the strategic importance of the Nigeria Revenue Summit and Interswitch’s role in driving digital transformation across the revenue value chain.

“The Nigeria Revenue Summit is more than a convening; it is a catalyst for action. What we have seen across Lagos and Abuja is a shared commitment from both the public and private sectors to build a more transparent, efficient, and digitally enabled revenue system for Nigeria.

“At Interswitch, we are not just facilitating these conversations; we are building the infrastructure and solutions that make implementation possible. Our platforms are designed to simplify adoption, reduce leakages, and support compliance at scale,” Asagba said.