Financial advisory - KPMG Nigeria

KPMG Nigeria Advisory Team works with the world’s leading organizations to create and protect the sustainable value of their business.

KPMG Nigeria Advisory professionals work with you to cut through the complexities of today’s rapidly changing marketplace. We leverage the knowledge and skills across our global network of firms to develop practical recommendations designed to help you work smarter, grow faster and compete stronger.

We are trusted financial advisors to the world’s organizations. They choose us because we are known for our talented people, technical expertise, deep industry insights and our ability to get the job done.

Contact Us:

Lagos

KPMG Tower,

Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja

84, Kwame Nkrumah Crescent,

Asokoro Abuja. FCT.

Tel: +2349062278732 

Fintech Services - KPMG Nigeria

Fintechs are the new economic currency in the emerging markets providing the opportunity for customers and service providers to realize increased financial inclusion, innovation and disruptive business models for profitability, growth and overall value creation. However, with advanced technology and changing business models comes associated risks which need to be mitigated for survival.

KPMG‘s Fintech Assurance Service focuses on identifying, managing, and mitigating the

risks associated with Fintechs Technology environment. Our experienced cross-functional team possesses industry, regulatory and functional knowledge, as well as the requisite technical skills to help you design and implement appropriate risk mitigating controls for your business.

Our Fintech (IT) Assurance Services are specially tailored for FinTechs and covers the following core IT areas:

• Technology Gap Assesment 
• IT Internal Audit Services
• Revenue Assurance 
• Data Analytics & Big Data
• IT Governance, Risk & Compliance Review
• IT Performance and Change Managements Review
• IT Due Diligence (IT Deals Audit)

Who We Help

Our services are benficial to FinTechs involved in the following areas:

• Savings and Invetsment
• Lending and Credit
• Payments
• Enterprise Financial Software
• AgriTech, RegTech, other FinTech players

Business that typically benefit from our services include:

Firms that require independent IT risk assessments and and/or compliance reviews, along with recommendations for risk mitigation.

Companies that require in-depth revenue assurance reviews to ascertain completeness and accuracy of reported revenue.

Information technology, Information security, risk management, internal audit, legal and compliance and application development teams looking to assess (a) development and deployment procedures, (b) secure coding practices and policies, and/or (c) governance and operational processes. 

infrastructure in Nigeria

 Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme

His Excellency, President Muhammadu Buhari, GCFR, on 25 January 2019, signed the Executive Order No. 007 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (“the Scheme”). The Scheme is for a period of 10 years from its commencement date.

The Scheme is a public-private partnership intervention that enables the Federal Government of Nigeria (FGN) to leverage private sector capital and efficiency for the construction, refurbishment and maintenance of critical road infrastructure in key economic areas in Nigeria.

Participation in the Scheme is open to every Nigerian company, acting on its own or in concert with other Nigerian companies, and institutional investors (hereafter referred to as “Participants”) wishing to construct or refurbish any road identified and designated by the FGN as an “eligible road”under the Scheme.

Participants will be entitled to utilize the total cost, hereafter referred to as “Project Cost”, incurred in the construction or refurbishment of an eligible road as a Tax Credit against their future Companies Income Tax (CIT) liability, until full cost recovery is achieved.

tax - KPMG

 Attitudes to tax are changing. Organizations of all sizes are ever more exposed to new trends in tax regulation, not just locally but globally.

KPMG is at the forefront of an evolving tax landscape

As a leading tax network, we believe that we – as individual tax professionals have a duty to engage in the discussion and debate surrounding Tax Transparency and Responsibility. As the tax strategies of multinationals and domestic companies continue to be examined by both tax authorities and the public alike, we work with our clients to develop tax strategies that are fit for purpose in the tax system of tomorrow.  

Working with clients to define the tax department of tomorrow. To keep pace with the reporting changes, multinational corporations will need to evaluate their in-house resources to determine if they will be able to manage additional requirements and responsibilities. They will also need to assess their systems to ensure that they can meet new requirements for multijurisdictional reporting. 

Our tax professionals are also bound by our Principles for a Responsible Tax Practice, which set out additional fundamental ethical principles and behaviours.

Contact Us

Lagos
KPMG Tower,
Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja
84, Kwame Nkrumah Crescent,
Asokoro Abuja. FCT.

Tel: +2349062278732

Digital strategy - Kpmg

 Boye Ademola, Partner & Lead, Digital Transformation, KPMG Africa, in his overview of the event, said “At KPMG, we believe one of the enduring responses to the pandemic now and post-COVID19 is Digital. In simple terms, banks need to urgently scale up on capabilities to deliver products and services via digital channels. It is in this light that we have performed a series of user journey-centered assessments culminating in the Digital Channels Scorecard for retail banks in Nigeria. The Scorecard provides an industry perspective of how effective banks are in delivering products and services to customers via digital channels by measuring user experiences across a range of journeys for each bank. This webinar will attract a variety of business leaders from financial services, telecoms and other sectors that have a keen focus on retail growth via digital capabilities.”

Ngozi Chidozie, Strategy and Digital, Management Consulting, KPMG in Nigeria, commented as follows, “The webinar will highlight our observations on leading practices, emerging trends and perspectives on opportunities for improvement of the overall digital channels experience across the Nigerian retail banking sector. That is why this upcoming event is themed: “Leveraging Superior UX on Digital Channels to drive Retail Banking Growth.”

Ladi Asuni, Partner, Digital Transformation opined that, “The release of the Digital Channels Scorecard publication is the first in a series to come, designed by KPMG for retail banks in Nigeria to have an objective understanding of their competitive positioning with respect to leveraging digital capabilities to deliver products and services. The upcoming webinar will also feature industry experts such as Akeem Lawal (Divisional Chief Executive Officer, Payment Processing, Interswitch), Bode Abifarin (Chief Operating Officer, Flutterwave) and Meaghan Johnson (Internationally renowned Fintech Researcher and UX Expert).

Boye Ademola also added ”The KPMG Digital Channels Scorecard unveils in-depth sector and domain insights from our user journey-centered assessments. It includes a benchmark of Digital Channels for retail banks in Nigeria using the proprietary KPMG Digital Channels UX Assessment Framework which employs the “mystery shopper” review approach. This edition of the publication covers the 17 commercial banks that have a strong focus on retail banking. These banks have international or national banking licenses and retail banking operations across the country.”

Egheosa Onaiwu, Associate Director, Clients & Markets, KPMG in Nigeria, in his statement encouraged “industry stakeholders to register for the event on the KPMG website using the web address, while the main hashtag for the webinar, #KPMGDigitalChannelsScorecard can be used to engage content across the KPMG social media channels, which include LinkedIn, Twitter, Facebook and Instagram.”

Contact Us

Lagos

KPMG Tower,

Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja

84, Kwame Nkrumah Crescent, 

Asokoro Abuja. FCT.

Tel: +2349062278732

Infrastructure in Nigeria

 Tax Incentive Scheme for Road Infrastructure Development and RefurbishmentOn the 25th of January 2019, President Muhammadu Buhari, GCFR, authorized the Executive Order №007, introducing the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (referred to as “the Scheme”). This initiative has a duration of 10 years, starting from its commencement date.

The Scheme represents a collaborative effort between the Federal Government of Nigeria (FGN) and the private sector, aiming to harness private sector resources and efficiency for the construction, renovation, and upkeep of crucial road infrastructure in strategic economic zones across Nigeria.

Participation in this Scheme is open to all Nigerian companies, either individually or in partnership with other Nigerian firms, as well as institutional investors (referred to as “Participants”). These Participants are interested in contributing to the construction or refurbishment of roads designated by the FGN as “eligible roads” under the Scheme.

Participants will be entitled to offset their future Companies Income Tax (CIT) liability by the total expenses incurred in constructing or refurbishing an eligible road, referred to as the “Project Cost.” This tax credit will remain applicable until the entire Project Cost has been recovered.

Contact Information

Lagos KPMG Tower, Bishop Aboyade Cole Street, Victoria Island Tel: +234 9068459329

Abuja 84, Kwame Nkrumah Crescent, Asokoro, Abuja, FCT. Tel: +234 9062278732

Fintech companies are emerging as pivotal players in the economic landscape of developing markets, offering opportunities for both customers and service providers to enhance financial inclusivity, foster innovation, and introduce disruptive business models for increased profitability, growth, and overall value creation. Nevertheless, alongside advanced technology and evolving business models, there are associated risks that must be addressed for long-term sustainability.

KPMG's Fintech Assurance Service is dedicated to identifying, managing, and mitigating the risks inherent in the Fintech technology environment. Our seasoned, multidisciplinary team possesses deep industry knowledge, regulatory expertise, and functional insights, as well as the necessary technical proficiency to assist you in devising and implementing appropriate controls to mitigate risks in your business.

Our Fintech (IT) Assurance Services are custom-tailored for FinTechs, encompassing the following key IT domains:

1. Technology Gap Assessment
2. IT Internal Audit Services
3. Revenue Assurance
4. Data Analytics & Big Data
5. IT Governance, Risk & Compliance Review
6. IT Performance and Change Management Review
7. IT Due Diligence (IT Deals Audit)

Who Benefits from Our Services:

Our services are highly advantageous for FinTech enterprises engaged in the following areas:

• Savings and Investment
• Lending and Credit
• Payments
• Enterprise Financial Software
• AgriTech, RegTech, and other FinTech players

Businesses that typically gain value from our services include:

• Firms seeking independent IT risk assessments and/or compliance reviews, coupled with recommendations for risk mitigation.
• Companies in need of thorough revenue assurance reviews to ensure the accuracy and completeness of reported revenue.
• Teams involved in information technology, information security, risk management, internal audit, legal and compliance, and application development, looking to evaluate (a) development and deployment procedures, (b) secure coding practices and policies, and/or (c) governance and operational processes.

Contact Us:

Lagos: KPMG Tower, Bishop Aboyade Cole Street, Victoria Island Tel: +234 9068459329

Abuja: 84, Kwame Nkrumah Crescent, Asokoro, Abuja. FCT. Tel: +234 9062278732