Interswitch CFO urges businesses to comply with govt e-invoicing

Businesses operating in Nigeria have been urged to accelerate compliance with the Federal Government’s e-invoicing regime and embrace real-time, data-driven financial systems, as fiscal reforms gather pace.

Chinomso Nwachukwu, Chief Financial Officer of Interswitch Nigeria, made the call during an interview at the Nigeria Revenue Summit (NRS), organised by the payments technology company, where industry stakeholders convened to discuss evolving tax and revenue frameworks.

Nwachukwu said the success of the e-invoicing initiative, designed to improve transparency and reduce revenue leakages, will depend heavily on stakeholder engagement and education across both public and private sectors.

“Transformations of this nature require deliberate engagement with all stakeholders, from government agencies to corporates, vendors, and employees. Beyond conversations, organisations must understand what is expected of them and take action,” she said.

Nigeria’s e-invoicing system, introduced under the NRS framework, is being implemented in phases, with large taxpayers, those with annual turnover of N5 billion and above, already required to comply since November 2025.

Nwachukwu warned that companies in this category that have yet to onboard the system risk regulatory breaches.

“If you haven’t complied already, you are in breach,” she said, adding that medium-sized firms are expected to come on stream later in 2026, while smaller businesses will follow in 2027.

The initiative requires companies to issue tax-compliant invoices through a centralised digital portal; a move aligned with global trends toward digitised tax administration.

The reform according to experts is expected to strengthen government revenue collection by curbing tax evasion, improving audit trails, and enhancing visibility into business transactions.

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As one of the certified service providers for the NRS e-invoicing rollout, Interswitch is positioning itself as a key partner for businesses navigating the transition.

Nwachukwu encouraged organisations to select technology partners early to ensure seamless integration and compliance.

“Companies need to assess their readiness, review their ERP systems, and understand the investment required. This is not something that can be delayed,” she said.

Beyond compliance, Nwachukwu highlighted a broader shift in corporate finance, noting that finance departments are evolving from traditional cost-control roles to strategic drivers of business performance.

Speaking on the theme “Redefining Finance in a Real-Time Data-Driven Economy,” she said organisations must prioritise access to real-time financial data to remain competitive.

“Finance is no longer just about controlling costs or reporting numbers. It is about influencing performance through timely insights,” she said.

She added that finance teams must position themselves as the “single source of truth” within organisations by ensuring the integrity, accuracy, and accessibility of financial data.

This, she noted, requires investment in systems capable of capturing key performance indicators and financial metrics in real time.
Summit Focuses on Awareness, Action
The Nigeria Revenue Summit brought together policymakers, corporate leaders, and technology providers to deepen awareness of the e-invoicing initiative and its implications for businesses.

According to Nwachukwu, the goal of the summit was not only to inform but to drive concrete action among participants. “We want organisations to leave here educated, understand their obligations, and take the necessary steps—starting with choosing the right partner,” she said.

With implementation timelines tightening and enforcement expected to intensify, businesses face increasing pressure to align with Nigeria’s digitised tax ecosystem or risk penalties and operational disruptions.