Business

Financial Transactions: Kwara ICAN tasks state, LGs on Remita

 

By Matthew Denis

The newly elected Chairman, Institute of Chartered Accountants of Nigeria (ICAN), Ilorin and Kwara Districts branch, Mr. Mohammed Baba Ibrahim has called on both state and local government tiers of government to embrace Remita for financial transactions in order to meet global standard.
The Chairman made the disclosure during an interview with this medium on Tuesday on his agenda to move the professional body forward.
He said, “The Federal Government has long introduced the usage of Remita for payment and other transactions online.
“So the tax payer or contractor pays his money online through Remita into FG’s account and there is no cash payment again. Every transaction is cashless by the FG for accountability.”
According to him, most of the states and local governments are yet to introduce the Remita system thereby making their financial transactions very slow and burdensome.
He said, “We have revenue agencies in various states but they need to introduce Remita like the Kwara Internal Revenue Service (KWIRS). Their customers need to be paying their taxes through Remita into their accounts to make it convenient for them.
“The Remita system will enhance and speed the financial transactions of various states and guarantee accountability,” he added.
Ibrahim however stressed that the penetration of cashless policy into the third tiers of governments is still at low pace considering the fact that some of them don’t even have commercial banks as a result of security challenges.
He said, ” The problem we have is that most of the third tiers of government don’t even have commercial banks in their various headquarters thereby posing a major challenge to the populace.
“The Central Bank of Nigeria and various stakeholders need to collaborate to ensure functional microfinance banks, Point of Sales (POS), and other means of getting financial transactions closer to grassroots people.”

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