The Managing Director of Guaranty Trust Bank Plc (GTBank), Mr. Segun Agbaje has said the introduction of electronic tax payment system will help reduce corruption in tax payment system, just as he urged other states to embrace the initiative.
Agbaje made this remark during the inauguration of the e-tax payment campaign by the Lagos State Governor, Mr. Akinwunmi Ambode at GTBank Opebi branch, Lagos recently.
The GTBank explained in a statement: “The e-tax payment campaign has shown the premium placed on electronic payment by the Lagos State Government and this would equally aid the financial inclusion programme of the Central Bank of Nigeria.”
The GTBANK MD noted that the elimination of middlemen in the tax payment structure would enable the government derive immediate value for all tax remittances.
“GTBank is willing to support the government in the collection of all the different taxes payable to the Lagos state government.
“The various forms of taxes and revenues that can be paid at all GTBank branches across the state include Pay as You Earn; Witholding Tax; Land use Charges; Direct Assessment; Development Levy & Business Premise.
“Others are Tax Audit; Stamp duties; Land Charges; Consent fees; Capital Gains Tax; Survey fees; Registration & Conveyancing fees,” a statement quoted Agbaje to have said.
On his part, Ambode said the initiative would allow residents and citizens of Lagos state to pay their taxes directly to the coffers of the state government.
The governor noted that the noble effort was implemented so as to help tax payers make direct deposits to government coffers seamlessly.
According to him, “The process in the payment of taxes have been simplified for the residents and citizens of Lagos State who are the direct beneficiaries of the productive utilisation of taxes in the state.
“All the projects that have either been completed since the commencement of my administration or those that are underway have been done through taxes,” he added.
Kings of Finance: GTBank Named Africa’s Most Admired Finance Brand
Guaranty Trust Bank plc has been ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The rankings were announced in a novel global virtual event and will be published in the June issue of the African Business magazine.
In a special report examining the results of the 2020 survey, the founder of Brand Africa, Thebe Ikalafeng, said GTBank’s “clever marketing, global presence and some of its flagship food and fashion events have undoubtedly helped make it a fixture of daily life in some of its key markets, especially its home base Nigeria.” He added that the bank, which recently won plaudits for building a 110-bed Care Centre in response to the Covid-19 Pandemic, “has taken banking and finance to the people.”
GTBank has long been regarded as one of Africa’s outstanding brands and enjoys a massive youth following thanks to its innovative and forward-thinking approach to financial services and customer engagement. It currently commands the largest social media following amongst all financial institutions in Africa and in 2019, the Bank hosted over 700,000 people at its consumer-focused events, GTBank Food and Drink Festival and The GTBank Fashion Weekend, among them dozens of business leaders and industry experts from around the world.
In 2019, GTBank removed all banking charges for young undergraduates under the age of 25 on its GTCrea8 Account Package. The move was unprecedented in the financial services sector but not unusual for a bank that had pioneered Zero-Naira Account Opening in the country, and in which people over the age of 65 also bank for free. GTBank is also blazing the trail in digital technologies; after leading the USSD banking revolution in Nigeria with its 737 Service, the bank is driving the digitization of consumer lending with Quick Credit, a first-of-its-kind digital lending product that gives individuals and small businesses instant, real-time access to loans anytime, anywhere via their mobile phones.
Brand Africa’s ranking of GTBank as Africa’s Most Admired Finance Brand is only one of its many accolades. In 2019, the was recognized as the Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine and the Best Banking Group and Best Retail Bank Nigeria by World Finance Magazine. In the same year, the Bank also dominated the Central Bank of Nigeria’s Electronic Payment Incentive Scheme (EPIS) Efficiency Awards for the third year in a row, taking home 8 of the 12 honours for banks at the forefront of driving the digitalization of financial services.
COVID-19: CBN Issues Directive To Banks, Reduces Interest Rates
The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities through participating in Other Financial Institutions (OFIs).
The rate has been slashed from 9 to 5 percent per for one year, effective March 1, 2020.
This was contained in a circular to banks on Wednesday by the Director of Financial Policy and Regulation Department, Kevin Amugo.
Similarly, CBN intervention facilities obtained through participating OFIs, Microfinance Banks (MFBs), Primary Mortgage Banks, among others would be given a further one-year moratorium on all principal repayments.
This is also effective on March 1, 2020.
OFIs have equally been granted leave to consider temporary and time-limited restructuring of the tenor and loan terms for households and businesses, subject to the recently issued guidelines for restructuring affected credit facilities in the OFI sub-sector.
The Director, Corporate Communications Department, Isaac Okoroafor, said the decisions were part of the bank’s efforts to cushion the effects of coronavirus on Nigerians, businesses and regulated institutions.
He assured that the CBN would also continue to monitor developments and implement appropriate measures to safeguard financial stability and support stakeholders impacted by the COVID-19 pandemic.
However, the Monetary Policy Committee (MPC) meeting of the CBN for the month of May will be held on Thursday.
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