eTranzact, a fintech company in Nigeria, has pledged its commitment to aiding taxpayers through immediate onboarding and efficient electronic invoice uploads as the Nigeria Revenue Service (NRS) advances the phased rollout of its e-invoicing system. This initiative is part of NRS's efforts to modernize tax administration and integrate digital solutions into Nigeria's growing economy.

During the recent NRS E-invoicing Compliance Workshop, various stakeholders gathered to explore actionable strategies for adopting the new digital billing system. An electronic invoice, which is a digital version of a transaction between buyers and sellers, includes crucial information like the identities of the parties involved, item descriptions, quantities, pricing details, applicable taxes, and total transaction value.

Abubakar Achimugu, the Executive Director of Government Relations and Special Projects at eTranzact, emphasized the importance of the e-invoicing system for compliance and encouraged taxpayers to leverage the company’s resources to benefit from this digital transition. The phased implementation signals a significant move towards enhancing tax compliance and fostering a more robust digital economy in Nigeria, reflecting a broader trend in financial modernization across the country.