Fidelity Bank Plc has announced the launch of a ground-breaking innovation in the collection of Internally Generated Revenue (IGR).
The Bank said that in conjunction with SystemSpecs, a leading electronic financial transactions company and owners of Remita, it has launched a more convenient collection and remittance of Federal Government Revenues via its Unstructured Supplementary Service Data (USSD) channel (*770#).
Why the new product is necessary
The new 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.
According to the Divisional Head, Retail Banking, Richard Madiebo, was developed with the average taxpayer 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”, 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.
How the USSD code works
Customers should simply dial 770# on the phone linked to theirs 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.
Deremi Atanda, Executive Director at SystemSpecs also expressed optimism about the partnership
“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”
Atanda also added that this will help their customers to make TSA and other payments using their innovative USSD platform which is in furtherance of corporate ideals and the bank’s quest for the delivery of easy and convenient banking services.
Founded in 1991, SystemSpecs has since emerged as a leading provider of e-Payment, Financial, and Human Capital Software Solutions for the Nigerian and African environment.
Remita is the e-payments and e-collections platform by SystemSpecs Limited. Remita, a Central Bank of Nigeria (CBN) licensed platform, is developed in Nigeria and helps organisations and individuals receive and make payments.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 3.8 million customers who are serviced across its 240 offices and various digital banking channels.