The Central Bank of Nigeria (CBN) has said that the introduction of electronic collection of revenue called e-Collection by the federal government will help to curb revenue related corrupt practices in the country.
The apex bank, which also reckons that the new e-collection regime will expand the frontiers of the cashless policy in Nigeria revealed this at a workshop organised by SystemSpecs Limited, an indigenous software development company and owners of the Remita electronic payment platform.
Mr. Dipo Fatokun, Director, Banking and Payment System Department, CBN, who said this at the sensitisation workshop organised for banks of Federal Government e- Collection on CBN Payment Gateway noted that, “the whole world is moving into a cash-less mode and Nigeria cannot be an exemption. The e-Collection will avert a larger proportion of revenue theft, diversion of collected revenue and all sorts of corrupt practices associated with revenue collection.”
[su_quote]The e-Collection of revenue is part of the Treasury Single Account (TSA) initiative, under which all monies belonging to the government are domicile in one account with the Central Bank of Nigeria, with payments out and collection into the account is done via an electronic payment platform.[/su_quote]