Lex Technologies appointed as reseller of Predict360 in Namibia

23 November 2018 Consultancy.africa

Namibian consultancy Lex Technologies has been appointed as a strategic reseller of Predict360 – a featured platform developed by Austin-based consulting firm 360factors. Lex Technologies will also be responsible for the governance, risk management and compliance services accompanying the platform.

The move comes at a time when the Namibian business environment is actively engaged in leveraging digital implements to develop innovative solutions to key market challenges. Predict360 is a highly relevant tool in this scenario, given its capabilities in the digital compliance management domain.

The tool facilitates tracking, management, creation and discussion of a number of tasks associated with compliance. Most importantly, the tool incorporates the compliance frameworks of some of the latest regulatory systems, including TILA, HMDA, BSA, AML and KYC.

Lex Technologies appointed as reseller of Predict360 in Namibia

Predict360 complements Fintech services in particular, which will give a boost to Lex Technologies’ service offerings to its substantial customer base in Namibia. In addition to marketing the product, the firm will be responsible for support with risk & compliance management as well as policy and procedure familiarity.

Lex Technologies is a consulting firm was established over a decade ago in Windhoek, and offers a wide range of services, including software engineering, business process consultancy services, database design, web development, financial systems and a number of others.

Commenting on this new partnership, Group CEO at Lex Technologies Wonder Mushonga said, “We seek to partner with the best in information and communications technology (ICT) for our clients in both private and public sectors. We believe the GRC solutions offered by 360factors will deliver on the needs of our customers across both private and public sectors.”

CEO for 360factors Carl L. McCauley said, “We’re proud to be working with Wonder and his team at Lex Technologies in providing our full GRC solutions to their customer base in Africa and around the world. Our solutions will increase operational efficiency and enable Lex Technologies to deliver the best possible compliance and risk management technology to their customers.”

Technology is essential to simplifying the tax compliance process in Nigeria

03 April 2019 Consultancy.africa

Despite increasing pressure on public coffers and the expanding need for tax collection, inefficiency and a lack of user-friendly mechanisms are posing a major barrier to paying taxes in Nigeria, according to Head of Tax at global professional services firm PwC Nigeria Taiwo Oyedele. He posits technology as the solution to this problem.

As one of the largest economies in Africa, Nigeria is increasingly progressing towards higher degrees of economic prosperity, although the government is struggling to benefit from this growth in the current scenario. According to Oyedele, the country’s “revenue to GDP ratio” is at the lowest end of the global spectrum.

Oyedele attributes this high rate of default to the difficulty that Nigerian citizens face in paying their taxes, something that is simultaneously acting as a barrier to other government efforts to solve the problem. “It is a contradiction: you need tax money but you make the process very difficult,” he says.

Currently, the use of digital applications to pay taxes is among the payment options. Oyedele recommends that technology should be made the sole avenue through which tax is collected and administered, thereby making the process of calculation, payment, and filing for returns more efficient.

Technology is essential to simplifying the tax compliance process in Nigeria

In addition, using technology is expected to reduce the costs of paying taxes in the long run, due to what Oyedele terms as “cost of compliance.” “It is actually the money the taxpayer pays that doesn’t get to the government. So, both the taxpayer and the government have an objective to reduce that cost,” he said. 

Oyedele was speaking at the Tax Academy Clinic, and urged tax authorities in the country to enforce reforms in the system. These would be over and above the reforms introduced under the previous Minister of Finance, who initiated the Voluntary Assets and Income Declaration to reduce default rates.

Technology is the key according to Oyedele, and he pledged that PwC would support in the process of integration. “In the past, getting your tax clearance certificate used to be like rocket science.When you need it to buy a plot of land or get a contract, getting the TCC is difficult. With technology now, one should be able to get that immediately,” he said.

“We know that these platforms are not perfect yet; so, our role as PwC, helping so many people to pay their taxes and also paying taxes ourselves, is that once we identify what the problems are, we get the stakeholders to come together to see how we can fix the problems,” he added.