International Finance

South African fintech startup TaxTim expands into Nigeria

TaxTim Nigeria
The startup entered into a partnership with PwC Nigeria

South Africa-based fintech startup TaxTim has launched its operations in Nigeria, the local media reported.

In order to expand its business in Nigeria, TaxTim has entered into a partnership with PwC Nigeria.

TaxTim ptrovides a platform for users to file their tax returns online with step-by-step guidance through a chat-based platform.

PwC will introduce a TaxTim-powered Digital Tax Assistant to allow its clients to correctly compute their taxes online and file their returns.

With regard to the partnership with TaxTim, PwC Nigeria said in a statement, “This is a subscription-based, fully automated web application/chatbot. The logic is developed by tax professionals. Personal data is kept in a secure server with no third-party access. The application helps you prepare your personal tax computations and completes your tax returns.

By answering simple questions that do not require any tax knowledge, Tim will convert your answers into a fully completed tax return, which you can then submit to the relevant Internal Revenue Services. The entire process can be completed within 20 minutes.”

Nigeria is the second international market TaxTim has expanded into. Previously, the startup expanded into Namibia in 2015. To expand in Namibia, TaxTim raised an undisclosed amount from Exponential – the newly formed innovation unit of South African financial services group Momentum Metropolitan Holdings.

TaxTim was established in 2011 by entrepreneurs Evan Robinson and Marc Sevitz. The startup raised funds from investors such as Google.

Last month, Quona Capital, a venture firm focused on financial inclusion in emerging markets, has raised around $203 million for its Accion Quona Inclusion Fund from various investors. Fintech startups in South Africa are expected to benefit from the fund.

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