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FIRS Unveils Real-Time VAT Tracking Portal, Mandates Integration for Banks, Fintechs, etc in Nigeria

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Nigeria’s Federal Inland Revenue Service (FIRS) has unveiled a real-time Transaction Monitoring System to track all VAT-eligible electronic transactions, mandating integration from banks, card schemes, fintechs, and payment service providers.

According to a report by Tech Cabal, the move is part of an aggressive push to plug tax leakages in Nigeria’s rapidly expanding digital economy.

Speaking on this, FIRS Executive Chairman Zacch Adedeji said,

This system represents a transformative leap in transaction visibility. By monitoring VAT-eligible activities in real time, we are fostering a fair and transparent digital marketplace for all stakeholders”.

The portal requires financial institutions to route transactions through the system, granting FIRS instant visibility into VAT-eligible payments and potential deductions. While FIRS will not directly collect taxes through the portal, it will use the data to automatically reconcile invoices and assess taxpayer thresholds via a centralised dashboard.

The agency stated that Nigeria’s fast-growing digital economy has outpaced traditional tax monitoring methods, resulting in significant gaps in compliance and transaction visibility. To address this, the new platform leverages real-time data collection, encryption, and AI-driven validation to ensure transaction integrity.

This directive comes after Nigeria’s President Bola Tinubu, on June 26, 2025, granted assent to the following four landmark tax reform bills: Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill (now “Acts”).

The assent by the President is a culmination of efforts by the Presidential Fiscal Policy and Tax Reforms Committee to reshape the landscape of Fiscal/Economic governance and tax administration in Nigeria, with a view to supporting the economic policy of the Administration.

It is expected that the Acts will provide better oversight on government revenues, and streamline tax administration in Nigeria to bring it closer to best practices globally and improve efficiencies in tax administration in Nigeria.  

Notably, after a conference held by the FIRS on July 22 and 23 2025, in a statement quoted by the FIRS CEO, he noted that the event was held to spotlight the agency’s “intensified efforts in tackling IFFs, including strengthening compliance mechanisms, enhancing beneficial ownership transparency, and leveraging technology to detect and deter tax evasion, trade mispricing, and other illicit outflows.”

Currently, financial institutions in Nigeria are being asked to integrate with the portal as they handle millions of micro-transactions daily. Banks only report transactions above N5 million ($3,200), leaving smaller taxable transactions largely undocumented. By integrating these institutions, FIRS aims to capture a major leakage point in consumption tax collection and standardise data on taxable transactions.

Although the new tax laws take effect in January 2026, FIRS is exercising its existing powers under Section 25(4) of the FIRS Act, which allows it to issue a 30-day notice to taxpayers to integrate with the system.

FIRS clarified that transaction data alone is not a definitive indicator of tax liability. Before using financial data for assessments, it will be cross-checked against taxpayers’ self-assessments, where individuals and businesses can claim eligible deductions to reduce taxable income.

Overall, while the directive strengthens Nigeria’s tax system and promotes transparency, it places significant compliance demands on financial institutions, which could reshape operational and cost structures in the fintech and banking sector.

Microsoft Introduces Copilot Mode in Edge as AI Browsers Enter Next Phase

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Microsoft has rolled out a new feature in its Edge browser dubbed Copilot Mode, a move that pushes the company further into the growing competition around AI-powered web browsing tools.

Unveiled on Monday, the feature turns Edge into an intelligent assistant capable of not just answering questions but actively helping users research, compare, and take action online, from booking appointments to navigating multiple tabs of information.

The launch comes amid a surge in demand for more intuitive and productive browsing experiences powered by artificial intelligence. Microsoft is positioning Copilot Mode as a key leap forward, integrating AI into the browser environment in a way that removes friction and anticipates users’ needs.

Copilot Mode, still in experimental rollout, is opt-in and currently free for all Edge users on Mac or PC who already have access to Copilot. Once enabled, users are greeted with a revamped new tab experience where they can search, chat, and navigate the internet with the AI’s assistance. On any web page, the AI can help contextualize what users are reading or offer actions based on their browsing intent.

One demonstration showed how Copilot could help convert a standard recipe into a vegan version, suggesting plant-based substitutions without the user needing to rephrase or copy content into a separate chatbot. In another example, the AI companion can simply extract and present the essential parts of a webpage — such as the core ingredients of a recipe — skipping over the typical long preambles that often bog down web content.

More than just a chatbot, Copilot is designed to act like a research assistant or task manager. It can draft content, generate shopping lists, and even assist in booking hotels or flights — a function that blends search with intelligent filtering. While this kind of “agentic” behavior signals a big step in browser evolution, Microsoft acknowledges that the experience may not yet be faster or more intuitive than manual navigation, especially for seasoned web users.

Notably, Copilot allows for voice input, opening up accessibility for users who are less comfortable with digital navigation or who may have physical limitations. The feature is expected to evolve to handle more complex tasks as users permit access to browsing history, credentials, and additional context, but for now, much of the action is still manual.

Where Copilot may shine most is in research-heavy sessions. With the user’s permission, the AI can access all open browser tabs to understand the context and patterns in browsing activity. For instance, if someone is comparing flight prices across different websites, Copilot can synthesize the options and present a summary or suggest next steps. Eventually, the tool will be able to recommend where users left off on a project or nudge them forward with suggestions based on their activity.

Microsoft emphasizes that privacy controls are central to Copilot Mode. The AI can only access browsing data when explicitly authorized by the user, and this access will be visibly flagged with clear indicators in the interface. Still, the notion of an AI assistant that can “see and hear” what users are doing online — even if permission-based — raises concerns around digital surveillance, especially at a time when tech giants are under scrutiny for how they manage data.

The Race Toward AI-First Browsing

Microsoft’s move comes amid a broader race to redefine how people interact with the internet using AI. Browsers are rapidly evolving from passive information portals into active, conversational tools that aim to reduce cognitive load and take action on behalf of users. With companies like Google also integrating AI into Chrome and startups pushing AI-native browsers from the ground up, Microsoft is banking on Copilot Mode to keep Edge relevant and competitive.

The browser, once a passive gateway to the web, is now becoming a full-fledged digital assistant. However, some analysts note that the success of Copilot Mode will ultimately depend on whether users find it truly helpful or more of a gimmick than a necessity.

RWUSD Launch Enhances Binance’s Appeal By Offering A Stable and High-Yield Product

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Binance launched RWUSD, a principal-protected yield product on July 28, 2025, offering up to 4.2% APR. It’s benchmarked against tokenized real-world assets (RWAs) like U.S. Treasury bills but isn’t a stablecoin, security, or tradable token. Users can subscribe using USDT or USDC (USDC required in the EEA) at a 1:1 ratio with no subscription fees. RWUSD is credited to spot accounts, with daily rewards distributed in-kind.

Redemption is 1:1 in USDC, with options for Fast Redemption (instant, 0.1% fee) or Standard Redemption (T+3, 0.05% fee; free fast redemption quotas available). It’s non-transferable, non-withdrawable on-chain, and can be used as collateral for Binance VIP Loans while earning yield. Personal quotas reach up to $5M with flat APR. The product reflects Binance’s push into RWA tokenization, aligning crypto with traditional finance, though yields may vary with market conditions and regional restrictions apply (unavailable to U.S. persons).

RWUSD, a principal-protected yield product offering up to 4.2% APR by tracking tokenized U.S. Treasury Bills and other real-world assets (RWAs), signals Binance’s strategic push to integrate traditional financial instruments into the crypto ecosystem. This aligns with growing interest in RWA tokenization, which could attract institutional and retail investors seeking stable, low-risk returns in a volatile crypto market.

By offering a product that mimics the stability of traditional finance while leveraging crypto infrastructure, Binance positions itself as a leader in bridging DeFi and TradFi. This could enhance Binance’s reputation as an innovative exchange, potentially increasing user adoption and trading volumes, which indirectly supports BNB’s value. RWUSD is not a stablecoin, security, or on-chain asset, and it cannot be traded or withdrawn. However, it can be used as collateral for Binance VIP Loans while earning yield, adding a new use case within the Binance ecosystem. This increases the platform’s stickiness, encouraging users to hold and use BNB for transactions, fees, or subscriptions, which boosts demand for BNB.

RWUSD’s subscription via USDT or USDC (USDC mandatory in the EEA) could drive stablecoin inflows to Binance, further increasing platform activity and reinforcing BNB’s role as the ecosystem’s native token. RWUSD’s design as a principal-protected product, explicitly not classified as a security or tokenized RWA, suggests Binance’s careful approach to regulatory compliance amid ongoing scrutiny (e.g., SEC lawsuits and EU investigations).

By offering a low-risk, high-yield product, Binance differentiates itself from competitors, potentially capturing market share from other exchanges or DeFi platforms. This strengthens the Binance ecosystem, which is closely tied to BNB’s value proposition. BNB’s surge to $827-$859.56, with a market cap exceeding $105-$118 billion, reflects a combination of fundamental, technical, and market-driven factors.

Significant institutional investments, such as $610 million from entities like Windtree Capital ($520 million) and Nano Labs ($90 million), alongside whale activity (e.g., $118 million in short position liquidations on July 16), have fueled BNB’s rally. The token’s market cap growth and high trading volumes ($2.4-$3.4 billion daily) underscore strong institutional confidence. Institutional adoption signals BNB’s growing legitimacy as a diversified asset class, potentially attracting more corporate investors and boosting long-term demand.

Heavy reliance on institutional and whale activity can lead to sharp corrections if sentiment shifts or liquidations occur, as seen in February 2025’s decline due to whale selling. Investors should monitor on-chain metrics like whale wallet activity and daily active addresses for signs of reversals. The BNB Chain’s robust on-chain activity, with over 387 million transactions in a week and a total value locked (TVL) in DeFi rising 22% to $10.2 billion, highlights the network’s growing adoption. Upgrades like Pascal, Lorentz, and Maxwell, along with $19.2 billion in bridged TVL and $11.17 billion in stablecoin volume, reinforce BNB’s utility beyond trading fees.

BNB’s role in powering transactions, governance, and dApps on the BNB Chain enhances its intrinsic value, supporting price sustainability. The chain’s second-place ranking in user activity (33.7 million transactions) behind Solana further cements its competitive edge. Continued growth in dApps, DeFi, and NFT projects on BNB Chain could drive further demand for BNB, especially if Binance continues to list new tokens and support IEOs via Binance Launchpad.

BNB’s price broke a multi-year diagonal trendline, forming a cup-and-handle pattern with a projected target of $1,090-$1,200. Technical indicators like RSI (86.47, overbought) and ADX (47) confirm strong bullish momentum, supported by a broader altcoin season and Bitcoin’s surge to $123,300. Analysts predict BNB could reach $1,000-$1,200 in the short term if it sustains above $750-$780 support levels, with long-term forecasts as high as $2,292 by 2025 and $17,085 by 2030.

BNB’s rally often precedes broader altcoin market gains, potentially amplifying bullish sentiment across the crypto sector. This could benefit other altcoins but also increase systemic risk if a correction occurs. Despite regulatory challenges (e.g., SEC lawsuits, EU scrutiny, and IRS investigations tied to Tornado Cash), positive developments like potential BNB ETF approvals (e.g., VanEck’s filing with staking features) and Binance’s Hong Kong license application bolster investor optimism.

Approval of a BNB-based ETF could integrate BNB into traditional finance, unlocking new capital inflows and reinforcing its long-term growth potential. However, rejection or delays could dampen sentiment. The RWUSD announcement coincided with BNB’s surge to $855, with a 7% daily and 10% weekly gain, suggesting the product launch amplified bullish sentiment. RWUSD’s appeal to risk-averse investors could drive platform inflows, indirectly boosting BNB demand.

The RWUSD launch enhances Binance’s appeal by offering a stable, high-yield product, reinforcing its ecosystem and indirectly supporting BNB’s value through increased platform activity. BNB’s price surge to $827-$859.56 is driven by institutional demand, technical breakouts, BNB Chain growth, and market optimism, with potential to reach $1,000-$1,200 if momentum holds. However, regulatory risks, overbought conditions, and whale activity pose challenges. Investors should balance BNB’s strong fundamentals with market volatility.

AI Is Advancing—But You Can’t Outsource Your Thinking, Bluesky CEO Warns

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The Bluesky social media app logo is seen on a mobile device in this photo illustration in Warsaw, Poland on 21 April, 2023. Founder Jack Dorsey of twitter has released the Bluesky application on Android. (Photo by Jaap Arriens / Sipa USA)(Sipa via AP Images)

As artificial intelligence reshapes the modern workplace and transforms how people write, code, and create, Bluesky CEO Jay Graber is warning that one thing must remain intact: critical thinking.

According to her, the temptation to hand over reasoning tasks to machines could weaken our most essential human skill—judgment.

“AI is able to automate a lot of critical-reasoning tasks, and if we fully outsource our own reasoning, it’s actually not good enough to run in an automated fashion,” Graber told Business Insider in a recent interview. “You can’t just fully outsource your thinking, or an essay, to AI.”

Graber’s comments come at a time when AI tools like ChatGPT and Claude are increasingly used for essay writing, customer support, moderation, and even software development. Bluesky, the decentralized social media platform she leads, uses AI to assist with moderation and content curation. But Graber stressed that Bluesky never allows AI systems to operate autonomously. Every AI-generated suggestion is reviewed by a human because context, she said, is everything.

“When you let it run autonomously, it doesn’t have actual context or intelligence, or the many things that we need as humans to make good decisions,” she explained. “And so it’s producing stuff that sounds or looks right without actually being right.”

AI Can Do the Work—But Do You Know How to Judge It?

Graber emphasized that as AI becomes more capable, the human role is evolving—from direct output to judgment and refinement. Whether it’s writing or coding, she believes users must still understand the fundamentals.

“If you don’t know what good code looks like, if you don’t know how to actually build a system, you’re not going to be able to evaluate its output,” she said.

AI can generate text or even solve bugs, but without the ability to assess and correct what it produces, the risk of flawed reasoning or misleading content grows.

Build the Thinking Muscle—Don’t Let It Atrophy

Graber advised students to push back against convenience and actually write essays by hand. The goal, she explained, is to build up the “muscle for critical thinking”—not weaken it by overusing AI shortcuts. The long-term risk, she warned, is a world filled with content that “sounds or looks right without actually being right.”

She also championed a generalist mindset, encouraging individuals to develop a wide range of skills rather than relying on AI as a crutch. In her view, AI is like packaged expertise, but human discernment is what gives that knowledge value.

“You need to have the good judgment of how you’re going to use it, and then you have to have the flexibility to take that knowledge and do something useful with it,” Graber said.

The Takeaway: Use AI, But Don’t Let It Use You

As artificial intelligence becomes a core part of everything from business to education, experts like Graber and Chowdhury are urging caution, not because AI is inherently harmful, but because human judgment is irreplaceable.

Bluesky’s refusal to let AI run unchecked is a case in point. “We’re never going to let it make decisions on its own,” Graber said. “Because it doesn’t understand what’s at stake.”

In sum, Graber is saying: in a world increasingly shaped by algorithms, the ability to think critically, ask the right questions, and apply sound judgment may be the most valuable skill of all.

Orange Money and JUMO Partner to Expand AI-Powered Microcredit Solutions Across Africa

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Orange Money, a mobile phone-based money transfer service, has partnered with banking-as-a-service fintech provider JUMO to enhance digital financial services and expand access to microcredit across Africa.

This collaboration harnesses cutting-edge data analytics and Artificial Intelligence to serve unbanked populations by combining Orange Money’s extensive reach of over 100 million customers in 16 countries, and JUMO’s AI-driven lending technology, which has disbursed over $8 billion to 31 million Africans.

Through this partnership, Orange Money will strengthen its financial inclusion strategy by offering new microcredit products via mobile wallets. JUMO’s advanced data analytics and AI models will help optimize credit allocation, reduce lending risks to under 4%, and build sustainable credit portfolios.

Also, customers will be able to request loans directly through their Orange Money wallets, with eligibility determined by JUMO’s AI based on transactional data. Once approved, funds are instantly credited, and repayments are automated.

Speaking on the partnership, Aminata Kane, CEO of Orange Money Group said,

“Building on our extensive transfer and payment services, we now aim to support customers beyond transactions, helping them realise personal goals and manage daily emergencies. Our collaboration with JUMO accelerates this ambition by combining our reach with their innovative technology for faster, transparent, and more tailored credit solutions.”

Also commenting, Andrew Watkins-Ball, JUMO’s CEO said,

“We are proud to partner with Orange Money to extend affordable credit to millions. This collaboration leverages Orange’s scale and JUMO’s AI-driven platform, providing customers with greater financial choices and supporting our banking partners’ growth in new markets.”

The initial rollout begins in Burkina Faso, followed by Mali and Botswana. The alliance will create a multi-country, multi-product microfinance marketplace, leveraging partnerships with pan-African banks and development finance institutions.

This collaboration represents a new model for telco-fintech partnerships in Francophone Africa combining Orange Money’s distribution power with JUMO’s smart credit infrastructure to deliver frictionless, collateral-free, and data-driven lending tailored to African realities.

Mobile money has no doubt significantly boosted financial inclusion in Africa, with Sub-Saharan Africa leading globally in mobile money adoption, 33% of adults have a mobile money account compared to 10% worldwide, and account ownership in the region has risen from 23% in 2011 to 55% by 2021. Services like M-Pesa in Kenya have transformed access to financial services, enabling transactions, savings, and credit for millions, particularly in rural areas where traditional banking is scarce.

However, significant financial inclusion gaps persist. Nearly half of Sub-Saharan Africa’s adult population (45%) remains unbanked, compared to 29% in other developing economies. While mobile money has reduced Africa’s financial inclusion gap, challenges like low digital literacy and limited internet access persist.

Orange Money and Jumo’s partnership will play a significant role in mitigating these by offering USSD-based access (usable on basic phones) and focusing on user-friendly, transparent processes, though broader issues like gender disparities and regulatory inconsistencies still require attention.

In summary, the Orange Money-JUMO partnership is a transformative step toward closing Africa’s financial inclusion gap, leveraging AI to deliver accessible, low-risk microcredit at scale. It empowers underserved populations, supports economic growth, and sets a model for telco-fintech collaborations, though its success depends on addressing remaining infrastructure and literacy barriers.

Notably, Orange Money and Jumo partnership exemplifies the next wave of fintech innovation focused on frictionless, collateral-free, and data-driven credit delivery tailored to African realities.