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Nigeria adopts pioneering system to collect taxes directly and in ‘real time’ from online transactions

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The Federal Inland Revenue Service of Nigeria (FIRS) has signed an agreement with UK based Fintech company E-Technologies Global Limited, to help it modernise its tax collection system for the digital age.

The project is the first of its kind where a pioneering approach to tax collection, enforcement and monitoring is being implemented as a managed service through E-Tech’s Sentinal National Payment Gateway. Sentinal is a unique transaction processing system that instructs integrated payment service providers to deduct taxes or charges at the point of transaction and remits funds in real-time to Governments’ Treasury accounts.

The project with Nigeria starts with the launch of a new initiative by the National Lottery Regulatory Commission of Nigeria to attract ‘Tier 1’ offshore global gaming operators to apply for a five year Permit to offer all gaming and sports-betting services to Nigerian players. Operators must comply with full risk-based AML screening and pass the ‘fit and proper’ test to demonstrate responsible gaming practices before being granted a Remote Operator Permit.

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All approved operators will then connect to Sentinal where gaming duty will be deducted from player deposits and remitted directly to the Government in real-time. The Permit has the advantage of allowing global operators to legitimately offer online gaming services to Nigerian players without the need to incorporate locally in-country and is subject to their continuing compliance with the Permit Terms and Conditions.

Mohammad Nami, Executive Chairman of the Federal Inland Revenue Service of Nigeria, said: “The world is entering a challenging time where there is a strong obligation on Governments to increase tax revenue as a percentage of GDP so as to provide much needed funding for local infrastructure and public services. Nigeria needs to innovate and harness technology to ensure that online transactions are taxed and accounted for.

“We have been very impressed with the Sentinal System which allows us to not only collect tax revenues at source, but also provides us with tax reporting and monitoring tools in real-time. The system will integrate with our own TaxPro Max portal.”

Lanre Gbajabiamila, Director General of the National Lottery Regulatory Commission of Nigeria, added: “Online gaming continues to grow rapidly in Nigeria, particularly on mobile, and the adoption of E-Technologies’ Sentinal National Payment Gateway is a huge step to allow us to capture gaming duty at source.

“We are welcoming all responsible offshore gaming operators to apply for a Remote Operator Permit as long as they pass all the relevant criteria including full AML screening and responsible gaming practices. We are proud to be the first country to adopt the Sentinal System and we believe it will bring a real national benefit to Nigeria.”

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David Kicks, CEO of E-Technologies Global Limited, said: “Governments in rapidly developing nations are struggling to keep pace with the evolution of eCommerce and the ascent of mobile transactions. E-Technologies was created specifically to address this issue and we have built an incredibly strong team with unrivalled expertise across fintech, eCommerce and iGaming.

“We are thrilled that the Nigerian Government has made the decision to integrate our Sentinal System, empowering them to streamline online taxation. By understanding better how the payments ecosystem behaves and evolves, we can drive a paradigm shift towards a point of consumption tax methodology.

“This landmark deal will herald a new era in rapidly opening new regulated markets for responsible gaming operators, as grey market operating becomes increasingly problematic.”

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Africa

Altenar obtains National Manufacturer licence in South Africa

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Leading sportsbook provider prepares to debut in African market after rigorous certification process

Altenar, a leading sportsbook and iGaming software provider, has successfully obtained a licence from the Western Cape Gambling and Racing Board (WCGRB), marking a significant milestone in its expansion into the burgeoning South African market.

Altenar is now a registered and licenced National Manufacturer in the thriving jurisdiction, following a rigorous process. During the initial stages, several stakeholders were required to complete detailed KYC and compliance checks, as well as fill in significant paperwork to demonstrate the provider’s suitability.

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This latest market debut demonstrates Altenar’s position as a sought-after partner with a flexible and localised solution. The opportunity opens up the doors to further expansion on the African continent and demonstrates its appeal to operators across multiple continents.

Sam Hill, Sales Director at Altenar, said: “Altenar is delighted to receive our licence to supply our sportsbook solution into South Africa. It is another significant step for us globally and is a key target market for us to further establish our product. We’re confident we have all the necessary product features and quality to offer the best solution on the market. This is across core sports such as football and racing, as well as offering customers the ease to prioritise key local content and sports via our highly flexible UI/UX.

“There are also a variety of ways that we support seamless cross-sell between products, which in a market such as South Africa, with the popularity of all verticals, will stand us and our customers in good stead. We are looking forward to the future in South Africa and the wider African market.”

The post Altenar obtains National Manufacturer licence in South Africa appeared first on European Gaming Industry News.

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SYNOT Games Expands to the Nigerian Market Through a Strategic Partnership with betBonanza

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SYNOT Games, a leading global casino game developer, has announced its expansion into the Nigerian iGaming market through a new partnership with betBonanza.

As a result of this collaboration, betBonanza players will have access to SYNOT Games‘ acclaimed portfolio of over 150 unique and engaging titles. The initial launch will feature ten highly popular games, including Aztec Jaguar Megaways, All Ways Queen, Forest Maiden, and Rio Mystery Night. The operator will continue to expand its offering, adding five new games each week until the full portfolio becomes available.

By joining forces, SYNOT Games and betBonanza aim to meet the growing demand for premium gaming content in Nigeria’s thriving market, setting a new standard for entertainment and innovation.

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Unity Nwanze, Business Operations Manager at betBonanza, said: “We are excited to expand our Casino game portfolio with the addition of SYNOT Games! It’s a great opportunity to present our players with fun games and thrilling ways to win. We look forward to a rewarding partnership.”

Kristína Ďaďová, Sales Manager at SYNOT Games, added: “Our goal is to provide the highest level of entertainment and by partnering with betBonanza, we will be able to offer top-quality games to a whole new audience. I believe this cooperation will strengthen our position in a market as demanding as Nigeria.”

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888bets Goes Live in Malawi

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888bets has launched in Malawi, expanding the online operator’s presence across Africa.

The brand, which is a joint venture between 888 owner evoke and 888Africa, unveiled a television advert to support its entry into its latest market.

888Africa co-founder and CEO Christopher Coyne said: “Delighted to announce that 888Africa has now launched into our seventh African market with Malawi. We are live from today [Friday, November 29].

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“I’m so proud of the work of the outstanding 888Africa teams, too many to mention in the run to get us live, but I will note Alex Rutherford [888Africa chief growth officer] for his work on licensing, and I’ll mention also Andrew Lee [chief revenue officer], Steven McIntosh [VP product] and Zeljka Perkovic for their massive contributions on the project side.”

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