News Column

Fidelity Bank Partners Sokoto On IGR Collection

September 1, 2014

Fidelity Bank Plc at the weekend announced its appointment as the lead bank to Sokoto state government on the state's point of sale (PoS) led internally generated revenue (IGR) project. With this, Sokoto becomes the fourth state to appoint Fidelity Bank on such project.

A statement from the bank revealed that it pioneered the initiative in collaboration with the Abia state government in January last year.

This scheme has also been implemented by local governments as an easy and efficient tool for IGR collections.

According to the Divisional Head, Retail Banking, Fidelity Bank, Mr. Richard Madiebo, the bank had come up with several initiatives aimed at supporting the cashless policy of the federal government.

"Fidelity Bank's pioneering role in the PoS-led informal sector IGR collection is one of the strategies to support the cashless policy.

"Of particular interest is the offline PoS collections mode that has capabilities of collecting taxes and bills in the rural areas with little or no network coverage," he explained.

According to him, the system also warehouses data and assists in the generation of unique Tax Identification Numbers (TIN).

He stated that with the development, the bank "is poised to render this service to government and private organisations using innovative and cutting edge technology."

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Source: AllAfrica

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