Meta has announced that content creators in Nigeria and Ghana with at least 5,000 followers will start earning money on Facebook from July 1, 2024.

The company introduced two monetisation features: In-Stream Ads on Facebook and Facebook Ads on Reels on Monday.

According to a statement from Meta, these features will allow creators to earn revenue by producing original videos and building their communities.

Eligible creators in both countries can monetise their video and reel content, with support available in over 30 languages globally.

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The statement read: “To use either product, creators must pass and remain compliant with Facebook’s partnership monetisation policies and content monetization policies and they must be at least 18 years old.

“Additionally, for in-stream ads creators must meet certain requirements such as having a minimum of 5,000 followers.”

Commenting on the rollout, Global Partnerships Lead, Africa, Middle East and Turkey, at Meta, Moon Baz, said: “Everyday, we’re inspired by the incredible African creators who use Facebook to tell their stories, connect with others and bring people together.”

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“This expansion will empower eligible creators in the vibrant creative industry across Nigeria and Ghana to earn money, whilst setting the bar high for creativity across the world and making Meta’s family of apps the one-stop-shop for all creators.

“In-stream Ads can play before, during or after on-demand videos, whether it’s pre-recorded content or when publishing a recording of a previous live stream.

“Types of In-stream Ads include Pre-roll Ads (which play before a video starts,), Mid-roll Ads (which play during videos), Image Ads (static image ads that display beneath the content) and Post-roll Ads (ads which appear at the end of videos).

“Ads on Facebook Reels integrate seamlessly into original Reels, enabling creators to get paid based on the performance of their original reels while entertaining fans”, Baz added.

A popular tap-2-earn app, Tapswap, powered by TON Blockchain, has said the token allocation to users has been postponed to quarter three of the year.

The app, which required users to repeatedly tap the icon in the centre of the Telegram Tapswap bot screen to mine coins, recently gained momentum among Nigerians tapping on their phone screens in pursuit of financial earnings and has amassed over 50 million users since it launched on February 15, 2024.

The management said it decided to move the share-to-token exchange event scheduled for July 1st to the third quarter to better serve its players.

In a series of threads created on X, on Monday, to share what it described as ‘bad and good news’ for its players, the management said it is in active talks with tier 1 exchanges around the world to price the highly ranked game from the prey of scammers and leaders in web3 industry who are moved by the successes the game had attracted.

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“We’ve got some bad and really good news for you at the same time: our team has decided to move the date for the Shares-to-Token exchange event. You might wonder, what’s good about that? Just FUD

“Not exactly. The whole point is that you’ll benefit from this. Let us explain how:

“Recently, there’s been a lot of buzz around Tapswap, especially about listing on tier 1 exchanges, a massive drop, and more. And it’s no surprise: the project has become one of the major players globally, ranking at the top. This kind of attention attracts not just scammers but also leaders in the web3 industry.

“So, not all rumours are just rumours. The Tapswap team is actually in active talks with tier-1 exchanges!

“And they are thrilled with you – our community! Isn’t this what we’ve been tirelessly working towards together?”

The management further reiterated its effort to devote a high level of attention to the task, which requires much more detailed work on tokenomics and the right launch strategy.

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“However, this success comes with some ‘inconveniences’. This level of attention requires much more detailed work on tokenomics and the right launch strategy. And that means extra time.

“But know that this is all to ensure that our launch in Q3 is fair and, more importantly, profitable for all of you who stand by us no matter what,” it added.

Tapswap, however, charged its players to be happy about the bigger news in the future while appreciating the support and feedback gotten from them.

“So, as you can see, there are plenty of reasons to be happy about this change. And very soon, we’ll give you some even bigger news about our future, tier 1 partnerships, and the drop itself!

“We really value your support. And we truly listen to your feedback, so don’t forget to share it in the comments. Together, we’ll keep reaching higher and higher levels!

The PUNCH reports that Tapswap postponed its token launch date, which was scheduled for July 1st, indefinitely.

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This was disclosed by the Head of Communications of the gaming firm, John Robbin, on June 20, 2024.

Before the aforesaid disclosure, it announced that its coin allocation date would be July 1st after it couldn’t establish a date in May because of too many bot accounts that they are working on separating from the authentic gamers.

According to Robbin, the method of token allocation has not yet been ascertained, stressing that the processes cannot be communicated before the allocation.

“The token launch was postponed from July 1. The new date will be communicated.

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“We will allocate a significant part of the tokens to the community to retain the tappers. We want you all to be part of the tapswap community.

“We need a token airdrop to be a win-win for all of us. We have started communicating with many exchanges and platforms,” he said.

Nigerians, including young and old, have been obsessively tapping on their phones, with some asserting that they are waiting for the tokens to be allocated to buy cars and houses of their choice from the many taps they have accumulated.

In a viral clip, a Keke driver was seen tapping away on his phone with one hand while simultaneously steering his moving vehicle and transporting passengers.

Another viral video showed several traders in Northern Nigeria tapping vigorously on their screens.y

President Bola Tinubu has approved a new withholding tax policy, replacing the old policy established in 1977.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele announced this on Tuesday.

The new withholding tax policy introduces significant reforms designed to alleviate the heavy burden that the previous system imposed on farmers and Small and Medium Enterprises (SMEs).

According to Oyedele, the updated regime addresses several long-standing challenges and introduces specific provisions, including: Small businesses will now be exempt from withholding tax compliance, reducing their administrative and financial burdens; businesses with low profit margins will benefit from reduced withholding tax rates, easing their cash flow and operational costs and producers, particularly farmers, will receive exemptions, fostering growth and sustainability in these critical sectors.

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Others are the new measures aim to enhance compliance and reduce opportunities for tax evasion and avoidance. The policy streamlines the process of obtaining credit and utilizing tax deducted at source, making it more accessible for businesses. Updates to the new withholding tax regime will reflect emerging issues and align with global best practices, ensuring Nigeria’s tax system is contemporary and effective, and the new policy will provide clear guidelines on the timing of deductions and definitions of key terms, eliminating ambiguities.

Oyedele identified several issues with the previous withholding tax regime, which evolved to cover more transactions over time, leading to complications and unintended consequences.

According to him: “Businesses, especially Small and Medium Enterprises (SMEs), faced ambiguities regarding compliance, eligible transactions, applicable rates, and remittance timing. This complexity resulted in an excessive compliance burden and strained working capital for low-margin businesses”.

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Other identified challenges include previous system treated withholding tax as a separate tax, adding to the list of multiple taxes and increasing the cost of doing business. Obtaining refunds for excess withholding tax was problematic, causing further financial strain on businesses. The lack of an exemption threshold made compliance costs uneconomical for taxpayers and enforcement costs high for tax authorities. Also, the overall structure of the old regime promoted tax inequity, failing to address emerging and contemporary issues effectively.

The new withholding tax policy is expected to bring significant relief and clarity to Nigerian businesses, promoting a more equitable and efficient tax system. The approved regulations will be published in the official gazette in the coming days, formalizing the changes and providing detailed guidelines for compliance.

This reform marks a critical step in Nigeria’s ongoing fiscal policy and tax reforms, demonstrating President Tinubu’s commitment to creating a more conducive environment for businesses to thrive.