- Dr. Bosun Tijani emphasized the importance of financial inclusion for economic development during the launch of the ‘Kayi’ banking app
- He stated that financial inclusion increases participation in the formal economy, contributing to economic growth and inclusive development
Dr. Bosun Tijani, Minister of Communications, Innovations, and Digital Economy, has called for increased financial inclusion for Nigerians to boost economic development.
Tijani announced yesterday in Abuja at the official launch of KMC, a new fintech firm, ‘Kayi’ banking app.
It is critical for you to have inclusive growth in society, and that includes financial inclusion.” So what you’re launching today makes a significant contribution to the mandate of inclusive growth. “There can be no economic growth without financial inclusion, the minister explained.
He stated that increasing the country’s inclusion drive was critical because financial inclusion contributes significantly to economic growth by increasing the number of people who do business and can participate in the formal economy.
Lack Of Accountability Preventing SMEs From Paying Taxes – Minister
Dr Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, has stated that one of the major issues preventing Micro, Small, and Medium-Sized Enterprises (MSMEs) from paying taxes to the government is a lack of accountability in the use of taxes in Nigeria.
Speaking yesterday at the 18th Abuja International Trade Fair organized by the Abuja Chamber of Commerce and Industry (ACCI), Anite said another factor was ensuring that government use taxes received to improve the local business environment.
According to the minister, many small businesses and MSMEs struggle to pay taxes because they have narrow profit margins.
However, she said that financing and taxation could be critical in driving a new economy in Nigeria, particularly for MSMEs.
“MSMEs are critical components of our economy, contributing significantly to economic growth and development.” Consumer credit reform is a priority for me. “Imagine what access to low-cost credit could do for your company,” she said.