Velvot has launched Finverse, an e-invoicing solution for Nigerian businesses with annual gross turnover of ₦5 billion and above. The launch follows the 31 July 2026 deadline set by the Nigeria Revenue Service (NRS) for large taxpayers to complete onboarding, integration and testing, and begin transmitting invoices under its national e-invoicing and Electronic Fiscal System, known as the Merchant Buyer Solution (MBS).
The NRS has since commenced compliance monitoring and warned that taxpayers who default may face enforcement action under applicable tax laws.
According to product information supplied by Velvot, Finverse is listed by the NRS as both a System Integrator (SI) and an Access Point Provider (APP). The two roles serve distinct functions within the MBS ecosystem. System Integrators connect a company’s business systems, including enterprise resource planning (ERP) and financial management platforms, to the NRS e-invoicing infrastructure. Access Point Providers facilitate the secure exchange, validation, transmission and receipt of electronic invoices between businesses and the platform.
By operating in both capacities, Finverse offers enterprises a single provider for both functions, providing a route into the NRS e-invoicing ecosystem.
What the framework asks of large businesses
Affected companies must complete the NRS onboarding and integration process, validate their systems and transmit invoices to the prescribed standards. They must also check that incoming invoices meet the requirements, including valid Invoice Reference Numbers (IRNs).
In a large enterprise, a single invoice can pass through several departments and systems before it is approved, sent, received and recorded. Where those steps run on disconnected systems or manual handovers, new regulatory requirements add coordination work.
A question for the whole executive suite
The responsibilities do not sit with one department. Chief Financial Officers (CFOs) answer for accurate invoice records, reconciliation and financial controls. Chief Technology Officers (CTOs) must connect ERP, accounting and financial management systems to the NRS platform and manage the data exchange between them. Chief Executive Officers (CEOs) are responsible for business continuity, clear accountability and a shared implementation plan across teams. Boards oversee regulatory obligations, technology risk and progress on implementation. Procurement, sales, customer service and supply chain teams are affected too, wherever invoice exchange is part of a commercial relationship.
Velvot’s own framing is that e-invoicing is an enterprise-wide responsibility and not simply an IT upgrade or a finance project.
What to weigh when choosing a solution
Velvot sets out six considerations for large enterprises evaluating an e-invoicing provider. The first is regulatory alignment: whether the approach covers NRS onboarding, integration, testing and invoice transmission, and the duties attached to issuing and receiving invoices. The second is system integration with existing ERP, accounting and billing applications. The third is data quality and process readiness, since electronic transmission depends on complete and accurate invoice data. The fourth is security and access management, covering data protection, user permissions and information handling. The fifth is implementation and support, including who is responsible for testing, issue resolution and ongoing administration. The sixth is business continuity and governance: how e-invoicing will run alongside existing financial controls, and who owns escalation when something fails.
Aliyu Garba, CEO of Velvot, emphasised that compliance goes beyond purchasing software or introducing an invoice-generation interface. It requires the right technical infrastructure, successful validation and testing, and the capacity to transmit invoices in accordance with applicable standards.
He noted that implementation must reflect each organisation’s operational structure. Businesses with multiple subsidiaries, business units or transaction channels may have different requirements from those operating a centralised finance system. Invoice volumes, existing technology and internal approval processes must therefore inform the implementation plan.
The company also cautions that the benefits of any solution will depend on each organisation’s infrastructure, implementation approach and use of the product. It advises businesses to review their current invoicing processes and confirm the technical arrangements before deployment.
More information on Finverse by Velvot is available at https://myfinverse.io/.
About Finverse by Velvot
Finverse is an e-invoicing solution by Velvot for businesses operating in Nigeria’s digital tax environment. It is listed by the NRS as a System Integrator and an Access Point Provider within the Merchant Buyer Solution ecosystem, and is intended to help enterprises meet their e-invoicing requirements under the applicable regulatory framework.