Earlier Benue State Government, Kaduna Petrochemical and Refining Company and some Federal Ministries, Departments and Agencies have signed on Intercontinental Bank for the e-payment system in line with the latest drive by government towards transparency and effectiveness in revenue collection and management of public finance.
A statement by the Kwara State Commissioner for Finance and Economic Planning, Alhaji Abdulfatai Ahmed said "approval has been granted for Intercontinental Bank to handle e-payment for salary, pension and other payments for Kwara State Government." The commencement date for the implementation of the e-payment is with effect from payment of April,2009 Salary and Pension.
This development is expected to boost Governor Bukola Saraki's e-government initiatives which seeks to enhance efficiency in the State's public service.
Intercontinental Bank Plc in conjunction with Interswicth Limited rolled out the first Verve Chip and PIN with loyalty card created in Nigeria. Verve is a chip based card positioned as a premium, innovative brand set to meet the needs of the issuer, merchant and consumer by providing convenience, security, reliability, recognition and reward.
Officials of the state said the bank's brand is one of the trusted brands in the industry for state governments and federal government to commit the receipt and management of their resources in their care.
President Umaru Yar'Adua last year, directed that payments from funds of the Federal Government be made electronically. A treasury circular, Reference No TRY/A8 & B8/2008 was consequently issued on October 22, 2008, prescribing a broad guideline for the implementation of the epayment.
The e-payment regime covers all payments with particular emphasis on payments to contractors and consultants and to service providers like the Power Holding Company of Nigeria (PHCN). It also covers all payments to government workers and to other government agencies like the Federal Inland Revenue Service.
The implementation plan also prescribed that mandates to effect payment must reach the paying banks within 72 hours after approval for payment had been given by the accounting officer in each of the ministries, departments or agencies.
Intercontinental Bank has evolved into one of the largest and most diversified financial services Group in Nigeria with about ten subsidiaries in all sub-sectors of the financial sector. Intercontinental Group is made up of the following: Intercontinental Wapic Insurance Plc (a leader in the insurance industry), Intercontinental Capital Markets Limited (a major player in the investment banking sub-sector), Intercontinental Homes & Savings Limited (a major player in mortgage finance sub-sector), and Intercontinental Properties Limited which is into real estate.
It also has EBN Securities Limited and Intercontinental Finance and Investment Limited all involved in stock market business. Others are Intercontinental Trustees Limited, Intercontinental Registrars Limited and a majority stake in Associated Discount House Limited, a major operator in the top-tier money market.
Outside Nigeria the Group operates as Intercontinental Bank Ghana Limited and Intercontinental Bank (UK) Limited. More overseas subsidiaries in selected economies are underway in the New Year.
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Quelle/Source: TMCnet, 13.03.2009
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