FCMB gets nod as Tax Collection Agent in Kano
First City Monument Bank (FCMB) Limited has been appointed by the Fagge local government area of Kano State as its sole agent for tax collection using Point of Sales (PoS) terminals.
FCMB was selected to provide the service at the end of a due diligence process that involved other banks, having developed a robust version of the customised PoS machines that would be used for tax collection.
A statement by the bank said the initiative aimed at reducing leakages in tax collection and encourages automation; tracking and real time reporting would be inaugurated at the local government premises. The initiative is also in line with FCMB's commitment to promoting the cashless economy system across the country.
'The PoS machines, which run on customised software, will be distributed to the tax collection staff of the local government. Each machine has a card tied to it that is preloaded with value at the beginning of each day. The LGA staff can then move around motor parks and markets to collect taxes. 'Upon collection, the staff will print out a temporary receipt, which the tax payee can exchange for a permanent receipt at the LGA office,' the statement added.
Speaking on the development, FCMB's Divisional Head, Transaction Banking, Mrs. Rolayo Akhigbe, said the initiative was in line with FCMB's focus on being a strategic partner in helping its customers grow. 'The customised PoS for tax collection project is an initiative of the Growth and Employment in States (GEMS 3), which is an arm of the United Kingdom's Department for International Development (DFID),' it added.