Nigeria’s New Tax Regime: What You Need to Know (Finance Act 2025)
At Akinyele Oluwale & Co., we are committed to keeping our clients informed about the latest regulatory changes affecting businesses and individuals in Nigeria.
The Finance Act 2025 represents one of the most significant tax reforms in Nigeria in recent years. Signed into law to simplify the tax system, reduce multiple taxation, and improve ease of doing business, the Act introduces several key changes:
Major Highlights:
Company Income Tax (CIT) reduced to 25% for large companies (from 30%).
Tertiary Education Tax significantly reduced from 2% to 0.5%.
- Strengthened rules against multiple taxation across federal, state, and local governments.
- Expanded scope of Value Added Tax (VAT) on digital services and luxury goods.
- Higher exemption thresholds for Capital Gains Tax and Personal Income Tax.
- Mandatory digital compliance through the new Rev360 platform.
New Tax Portal – Rev360
The Federal Inland Revenue Service (FIRS) has launched Rev360 (www.rev360.gov.ng), a unified digital platform for all federal tax filings and payments. This new system makes tax compliance easier, faster, and more transparent.
Our Advisory
These reforms present both opportunities and compliance requirements for businesses. Early adaptation will help you avoid penalties and optimize your tax position.
By Akinyele Oluwale & Co. Investment Ltd.
Japan’s digital-payment landscape may be approaching an important turning point. Lawson, one of the country’s leading convenience-store chains, is preparing to test payments using JPYC, a stablecoin designed to maintain a one-to-one value relationship with the Japanese yen.
The trial is expected to take place in August 2026 at the Lawson Takanawa Gateway City store in Tokyo’s Minato Ward. Lawson will work with KDDI and HashPort to examine how stablecoin payments can be integrated into an ordinary retail checkout system. Official information describes the project as a technical demonstration involving selected employees and project participants rather than a full public rollout.
Even with its limited scale, the experiment could become a significant development for Japan’s financial-technology industry. It moves stablecoins away from purely online cryptocurrency trading and closer to one of the most familiar consumer activities: purchasing everyday goods at a convenience store.
JPYC is a digital token whose value is designed to remain equal to the Japanese yen. In practical terms, one JPYC is intended to represent one yen.
Unlike Bitcoin, whose market price can rise or fall sharply, JPYC is designed to provide price stability. That makes it potentially more suitable for payments, settlements and commercial transactions.
JPYC became Japan’s first domestically issued regulated yen-pegged stablecoin after its issuer obtained the relevant registration and began issuance in October 2025. The tokens are convertible into yen and backed by assets including bank deposits and Japanese government bonds.
A stablecoin should not be confused with a central bank digital currency. JPYC is issued by a private company under Japan’s financial regulatory framework. A central bank digital currency, by contrast, would normally be issued directly by a central bank.
Nevertheless, both forms of digital money reflect a broader transformation in how value can be stored, transferred and used.
The Lawson experiment will use HashPort Wallet, a non-custodial digital wallet through which participants can hold and use JPYC.
At the checkout, the customer will display a payment barcode on a smartphone. The barcode will be scanned at Lawson’s normal point-of-sale terminal, allowing the transaction to be processed through the retailer’s existing checkout environment.
On the merchant side, HashPort’s business-payment infrastructure will support the stablecoin transaction without requiring the store to manage a conventional cryptocurrency wallet directly. The participating companies intend to evaluate several practical issues, including system integration, checkout procedures, transaction speed and wallet usability.
This is important because many previous cryptocurrency-payment experiments have operated separately from retailers’ primary point-of-sale systems. A payment may have required a special device, a separate application or an additional reconciliation process.
Integrating stablecoin payments directly with the POS system could make the experience more similar to using a debit card, QR payment or other familiar cashless option.
Reports have described the project as Japan’s first stablecoin-payment trial directly connected to a conventional retail POS system. That description should still be treated as a claim associated with the project and participating companies, particularly because the trial has not yet started.
Lawson is not a small technology start-up or a specialist cryptocurrency merchant. It is a major convenience-store operator serving a broad range of everyday customers.
Convenience stores occupy an important position in Japanese society. They sell food, drinks, household products and personal-care items, while also offering services such as bill payments, ticketing and parcel collection.
A stablecoin trial in this type of environment offers something that laboratory experiments cannot fully reproduce: exposure to the operational realities of high-frequency retail payments.
The participating companies will need to determine whether a stablecoin transaction can be completed quickly enough to avoid queues, whether staff can handle the process easily and whether the system can integrate with inventory, accounting and settlement procedures.
For a payment technology to succeed in retail, it must do more than function technically. It must also be fast, understandable, reliable and economical.
One of the strongest arguments for stablecoin payments is the possibility of reducing transaction and settlement costs.
Traditional card payments often involve several intermediaries, including card networks, acquiring banks, payment processors and issuing institutions. Each participant may charge a fee or contribute to the merchant’s overall processing cost.
Blockchain-based stablecoin transactions can, in certain situations, move value through a more direct infrastructure. HashPort describes its business-payment service as a zero-fee stablecoin-payment solution, although the complete economics of a large commercial deployment would depend on implementation, conversion, compliance, technology and operational costs.
Faster settlement could also improve cash-flow management. Rather than waiting for card proceeds to be transferred according to a processor’s settlement timetable, a merchant could potentially receive digital funds more quickly.
Additional possible benefits include automated reconciliation, programmable payments and closer integration between payment data and digital commercial services.
However, these advantages must be proven under real operating conditions. The Lawson trial is designed to examine whether the theoretical efficiencies of stablecoins can survive contact with a busy retail checkout.
For consumers, the most immediate benefit would be an additional payment option.
People who already hold JPYC could spend it directly without first converting it back into money in a bank account. This could reduce friction between digital-asset ownership and ordinary economic activity.
Stablecoins may eventually support instant transfers between individuals, merchants and online platforms. A customer could potentially receive JPYC from an employer, business, digital service or family member and spend it at participating retailers.
Stablecoins may also be useful for programmable rewards. Retailers could attach loyalty points, discounts or other incentives to particular transactions.
However, a new payment method will not succeed merely because it is technologically advanced. Japanese consumers already have access to cash, cards, electronic money and widely used QR-payment systems. JPYC will need to demonstrate a clear advantage in cost, convenience, speed or functionality.
Japan has taken a relatively structured approach to stablecoin regulation.
Revisions to the Payment Services Act, which took effect in 2023, created a legal framework for certain fiat-referenced digital payment instruments. This gave regulated companies a clearer path for issuing and distributing yen-linked stablecoins.
JPYC subsequently obtained registration as a funds-transfer service provider and launched its regulated stablecoin in 2025. The token is fully convertible into yen and supported by reserve assets, including bank deposits and Japanese government bonds.
This regulatory backing is important. Consumers and businesses are more likely to consider using a digital payment instrument when there are defined rules regarding issuance, reserves, redemption and supervision.
At the same time, regulation does not remove every risk. Users must still consider wallet security, operational failures, cyberattacks, fraud, privacy and the possibility of service interruption.
KDDI’s participation gives the project additional significance.
Telecommunications companies control infrastructure that is closely connected with mobile wallets, consumer identity, data services and digital payments. KDDI also has experience in financial and payment platforms, making it a potentially important bridge between blockchain technology and mainstream consumer services.
HashPort provides the wallet and stablecoin-payment infrastructure required for the experiment. Its HashPort Wallet allows users to control digital assets directly, while its business solution is designed to help merchants accept stablecoins without operating their own complex blockchain systems.
The combination of Lawson’s retail network, KDDI’s technology and financial ecosystem, and HashPort’s blockchain expertise illustrates how stablecoin adoption may develop: not through one company alone, but through partnerships involving merchants, telecommunications providers, financial institutions and technology platforms.
What the Trial Does Not Mean
It is important not to exaggerate the announcement.
The project does not mean that every Lawson store in Japan will begin accepting JPYC in August.
The official trial will take place at one location and involve a restricted group of participants. It will test technology, checkout operations, transaction time and usability.
There is no confirmed nationwide implementation timetable.
There is also no guarantee that Lawson will adopt JPYC permanently. The results of the experiment will likely determine whether the payment method is expanded, redesigned or discontinued.
Accordingly, investors and digital-asset users should view the announcement as a step in a development process rather than evidence of immediate mass adoption.
The Lawson project is part of a larger international movement toward regulated stablecoins.
Stablecoins have become important instruments for cryptocurrency trading, cross-border transfers, settlement and decentralized finance. However, the global market remains heavily dominated by tokens linked to the US dollar.
JPYC’s developers hope that a regulated yen-linked stablecoin will strengthen the Japanese currency’s presence in blockchain-based markets. The company has said it aims to increase issuance substantially and promote wider domestic and international usage.
Retail adoption could help achieve that objective. A currency becomes more useful when it can be spent in many places. If JPYC remains limited to digital-asset platforms, its role may remain specialised. If consumers can use it for food, transport, shopping and services, its economic relevance could grow.
The experiment may also encourage banks, fintech companies and competing retailers to accelerate their own stablecoin projects.
Despite the potential benefits, several obstacles remain.
First, the payment experience must be extremely fast. Convenience-store customers expect checkout to take only a few seconds.
Second, users must be protected from wallet theft, lost devices and fraudulent transactions.
Third, businesses need clear accounting and tax procedures for receiving and converting stablecoins.
Fourth, payment systems must comply with anti-money-laundering, customer-verification and transaction-monitoring requirements.
Fifth, consumers must understand how to obtain, redeem and safeguard JPYC.
Finally, there must be a compelling reason to change established behaviour. A customer who is satisfied with cash, a credit card or an existing mobile-payment service may not adopt a stablecoin without a noticeable benefit.
The experiment may also offer useful lessons for markets outside Japan.
Countries seeking to modernise retail payments are increasingly examining stablecoins and central bank digital currencies. The central question is no longer simply whether digital money can be created. It is whether such money can be integrated safely and efficiently into everyday commercial activity.
For African countries, including Nigeria, the Lawson test illustrates the importance of merchant integration.
A digital currency can only achieve broad adoption when consumers can use it easily at shops, online platforms, transport services and other ordinary businesses.
The project also shows that adoption may depend on cooperation among regulated issuers, wallet providers, telecom companies and retailers. Technology alone is not enough; an effective commercial and regulatory ecosystem is required.
Lawson, KDDI and HashPort have officially announced a technical payment trial at the Lawson Takanawa Gateway City store in Tokyo during August 2026. Media reports say it is expected to begin in early August. However, the official announcement does not provide an exact start date, and the initial experiment will be limited to selected employees and project participants.
The trial should therefore be viewed as an important but carefully controlled step toward real-world stablecoin adoption.
Its significance lies not in the number of customers who will initially participate, but in the attempt to integrate a regulated yen stablecoin directly into a conventional convenience-store POS system.
Should the experiment demonstrate fast transactions, reliable operation, strong security and lower costs, it could provide a foundation for broader retail adoption. It may also encourage other Japanese companies to explore stablecoin payments.
The future of JPYC in Japanese retail remains uncertain. Nevertheless, Lawson’s participation moves the conversation from theory to practical testing—and that alone represents a meaningful development in the evolution of digital money.
About Akinyele Oluwale & Co. Investment Ltd.
Akinyele Oluwale & Co. Investment Ltd. provides research and commentary on investments, financial markets, fintech, digital assets and emerging global economic developments.
Disclaimer: This article is for general information and educational purposes only. It does not constitute investment, financial or legal advice. Stablecoins and digital assets may involve regulatory, operational, cybersecurity and market risks.
By Akinyele Oluwale & Co. Investment Ltd.
Website: www.akinyeleoluwale.finance
China has once again demonstrated why it remains one of the world's leading innovators in financial technology. In a significant development for the country's Central Bank Digital Currency (CBDC), the Digital Yuan (e-CNY) mobile application now supports offline payment codes, allowing users to complete transactions even when internet connectivity is weak or temporarily unavailable.
The Digital RMB Operations Management Center confirmed that the feature initially supports digital wallets issued by Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of Communications, Postal Savings Bank of China (PSBC), and Industrial Bank Co., Ltd. Support for additional financial institutions is expected to be introduced gradually.
Although mobile payments have become a way of life across China, they have always depended, to varying degrees, on stable internet access. This latest innovation addresses one of the last remaining challenges facing digital payments—maintaining transaction capability during network interruptions.
The introduction of offline payment codes is more than just another software update. It represents another important step toward building a resilient, inclusive, and intelligent digital financial ecosystem that could influence the future of payment systems worldwide.
The Digital Yuan, also known as e-CNY, is China's official Central Bank Digital Currency issued by the People's Bank of China (PBOC). Unlike cryptocurrencies such as Bitcoin or Ethereum, the Digital Yuan is sovereign money backed directly by China's central bank.
Its objectives include:
Since pilot testing began several years ago, millions of Chinese consumers have used the Digital Yuan for purchases ranging from groceries and transportation to utility bills and government services.
Traditionally, QR-code payments require both the merchant and the customer's devices to communicate through the internet before a payment can be authorized.
The newly introduced offline payment code changes that experience.
When the e-CNY application detects that internet connectivity has become unstable or unavailable, it can automatically generate an offline payment code. The merchant scans the code, and the transaction is completed using securely stored payment credentials on the user's device. Once internet access is restored, the transaction information is synchronized with the central payment system.
This seamless transition allows users to continue making payments without manually switching payment modes or worrying about temporary signal loss.
One of the greatest advantages of the offline payment feature is reliability.
Whether a user is inside a subway station, basement parking lot, rural village, elevator, airport terminal, or disaster zone, payment interruptions caused by poor network coverage become significantly less likely.
Consumers gain confidence knowing that their preferred payment method remains available even under less-than-ideal conditions.
Digital payment adoption has transformed commerce, but internet access remains uneven in many regions.
Offline payment capability makes digital currency more practical for:
This contributes to one of the core goals of Central Bank Digital Currencies—making digital finance accessible to more people regardless of location.
Merchants depend on uninterrupted payment systems.
When internet connectivity fails, businesses often lose sales because customers cannot complete transactions.
Offline payment functionality reduces this risk by allowing commerce to continue during temporary communication failures.
Retail stores, restaurants, supermarkets, pharmacies, hospitals, transportation services, and public utilities all benefit from increased payment resilience.
Natural disasters, network outages, cyber incidents, and infrastructure failures can disrupt payment systems.
Offline digital payments offer an additional layer of resilience.
Emergency responders, humanitarian organizations, and affected communities could continue exchanging value even while communication networks are being restored.
This makes offline CBDC functionality strategically important beyond everyday convenience.
Although detailed technical specifications have not been fully disclosed publicly, offline payment systems generally rely on several advanced security technologies:
Each wallet securely verifies the identity of the payment device.
Instead of exposing sensitive banking information, encrypted payment credentials authorize the transaction.
Sensitive payment information is protected within secure hardware components on compatible devices.
Once connectivity returns, completed offline transactions synchronize with the broader payment network.
This layered security approach helps reduce fraud risks while maintaining a smooth customer experience.
The Digital RMB Operations Management Center confirmed that the first rollout supports wallets issued by:
The feature is expected to expand to additional participating banks in future updates.
China continues to lead the world in practical Central Bank Digital Currency implementation.
While many countries are still researching CBDCs, China has moved beyond experimentation into continuous feature enhancement.
This latest development sends a clear signal that future payment systems will prioritize:
Central banks around the world—including those in Europe, Africa, Asia, and the Americas—are closely monitoring China's progress.
African economies are rapidly embracing digital payments.
Countries including Nigeria, Ghana, Kenya, Rwanda, and South Africa continue investing in fintech innovation.
For policymakers across Africa, China's offline payment solution demonstrates how digital currencies can better serve populations where internet connectivity may be inconsistent.
Potential applications include:
Nigeria's own experience with the eNaira illustrates the growing importance of CBDC innovation, though wider adoption will depend on continued improvements in usability, merchant acceptance, and consumer confidence.
Consumers stand to gain several advantages:
For many users, the difference between online and offline payments may become almost invisible as the technology operates automatically in the background.
Businesses may experience:
Retailers that frequently experience poor network coverage may find this especially valuable.
Despite its advantages, offline payment functionality also introduces considerations that require careful management:
Offline transactions may be subject to value limits to reduce risk.
Some functionality may depend on compatible smartphones or secure hardware.
Robust safeguards are essential to prevent double spending and unauthorized transactions.
Merchants must ensure their payment terminals support the latest e-CNY capabilities.
These challenges are common in the evolution of digital payment systems and are likely to diminish as the technology matures.
China's latest innovation highlights an important lesson:
The future of money is not simply digital—it must also be available anytime, anywhere, under almost any circumstances.
Offline payment functionality may soon become a standard expectation for Central Bank Digital Currencies worldwide.
Countries designing next-generation payment infrastructure will increasingly focus on:
As digital economies continue expanding, resilient payment infrastructure will become as essential as electricity and telecommunications.
China's introduction of offline payment codes for the Digital Yuan marks another important milestone in the evolution of digital finance. By enabling payments during periods of weak or unavailable internet connectivity, the country is addressing one of the remaining limitations of digital payment systems.
Although the feature currently supports wallets from five participating Chinese banks, its gradual expansion suggests a broader strategy aimed at strengthening payment resilience, increasing financial inclusion, and supporting a fully digital economy.
For governments, financial institutions, fintech companies, investors, and consumers around the world, this development offers valuable insight into the direction of future payment technologies. It demonstrates that innovation is no longer focused solely on speed or convenience—it is increasingly about ensuring that financial services remain accessible under all conditions.
As central banks continue to explore the future of money, China's Digital Yuan provides an important case study in how digital currencies can evolve from experimental technology into robust national payment infrastructure. The introduction of offline payment codes is not merely a technical enhancement; it is a glimpse into the next generation of resilient digital finance.
About Akinyele Oluwale & Co. Investment Ltd.
Akinyele Oluwale & Co. Investment Ltd. provides insights into global finance, investment trends, fintech innovation, digital assets, capital markets, and emerging economic developments. Our mission is to help investors, businesses, and policymakers make informed financial decisions through timely analysis and research.
