Top Nigerian lender, Fidelity Bank Plc is championing a ground breaking innovation in the collection of internally generated revenue (IGR).
Working in conjunction with SystemSpecs, a leading electronic financial transactions company and owners of Remita, Fidelity Bank has launched a more convenient collection and remittance of Federal Government Revenues via its Unstructured Supplementary Service Data (USSD) channel (*770#).
The solution, which is first of its kind in the industry, is in response to some of the challenges faced by millions of customers when making their tax payments and remittance; and the need for all tiers of government to provide convenient sources of revenue collection.
This innovative solution, according to the Divisional Head, Retail Banking, Richard Madiebo, was developed with the average tax payer in mind.
“This payment option is borne largely from our desire to always provide easy and convenient payment channels to the semi-formal and informal tax markets in Nigeria,” he said, adding that tax payers can now make payment efficiently, thus leading to reduction of leakages in the system for both the State and Federal Government.
Madiebo further explained that customers should simply dial 770# on the phone linked to their accounts and then use their unique Remita Retrieval Reference (RRR) generated from the Remita platform, to make payments using the USSD code 770RRR# and conclude their transactions.
“Our operating model has always been to collaborate with forward-looking partners in the financial ecosystem, so that customers are able to consistently make smooth and convenient payments across diverse channels,” said Deremi Atanda, Executive Director at SystemSpecs.
“Partnering with an institution like Fidelity Bank to ensure customers are able to make TSA and other payments on their innovative USSD platform is in furtherance of our corporate ideals and the bank’s quest for the delivery of easy and convenient banking services”, Atanda said added.