Velvot has introduced Finverse, an e-invoicing solution designed for Nigerian businesses with annual gross turnover of ₦5 billion and above. The launch comes after the Nigeria Revenue Service (NRS) set a 31 July 2026 deadline for large taxpayers to complete onboarding, integration, 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 defaulting taxpayers may face enforcement action under applicable tax laws.
Finverse is registered with the NRS as both a System Integrator (SI) and an Access Point Provider (APP), roles that 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 offering both services, Finverse provides enterprises a single provider for integrating into the NRS e-invoicing ecosystem.
Implementation of e-invoicing requirements involves multiple layers of organisational responsibility. Chief Financial Officers must ensure accurate invoice records, reconciliation and financial controls. Chief Technology Officers must connect ERP, accounting and financial management systems to the NRS platform and manage data exchange. Chief Executive Officers are responsible for business continuity, clear accountability and a shared implementation plan across teams. Boards must oversee regulatory obligations, technology risk and implementation progress. Procurement, sales, customer service and supply chain teams are also affected wherever invoice exchange forms part of commercial relationships.
Velvot's CEO Aliyu Garba emphasised that compliance extends 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. Implementation must reflect each organisation's operational structure, as 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, Garba noted.
Affected companies must complete NRS onboarding and integration, validate their systems and transmit invoices to prescribed standards. They must also check that incoming invoices meet requirements, including valid Invoice Reference Numbers (IRNs). Velvot advises businesses to review their current invoicing processes and confirm technical arrangements before deployment, as the benefits of any solution depend on each organisation's infrastructure, implementation approach and use of the product.
For large Nigerian enterprises, compliance with the NRS e-invoicing system means coordinating invoice transmission across multiple departments and systems, adding compliance work to existing financial and operational processes.