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Africa’s leading
integrated payments and digital commerce company, Interswitch, has organized its
Engagement Forum with State Revenue Boards – Northern Region to discuss revenue
collection and growth strategies using technology.
The two-day
event, which took place on September 21 and 22, 2022 at the Reiz Continental
Hotel, Abuja, was themed, “Staying Ahead of the Revenue Growth Curve Using
Technology”, where representatives from the revenue boards of 18 northern
states were present.
At the event,
conversations revolved around the challenges with the Nigerian tax landscape
for state governments, opportunities for revenue growth through tax
digitization, and examples of regions benefitting from effective tax
digitization. The participants were also engaged on the possibilities of
revenue collection through automation as a means to ensure that revenue
leakages are reduced.
Interswitch, a
leading industry player, proffered cutting-edge technology solutions to effectively
address the challenges around revenue collections during the ‘industry session’.
Stakeholders were introduced to solutions such as the Paydirect solution, a
multi-channel revenue collection, monitoring and reporting solution which is
currently in use by more than 30 states to achieve their revenue goals.
Demo sessions
were also held, and Interswitch offered technology advisory services to revenue
boards’ representatives seeking early adoption of these proposed solutions,
with a view to driving revenue growth in these states.
Speaking at the
event, Regional Head, Interswitch Group, Thomas Ezeh, noted that the technology
company has continued to champion the automation of revenue generation using
innovative solutions such as the Treasury Single Account – TSA solution that
facilitates the consolidation of revenue from states’ revenue collection
bodies.
Ezeh remarked,
“We recognize the importance of revenue generation in states as it aids
the growth and development of the residents’ standards of living. Even better
is the digitization of this process. To this end, we have designed advanced
technological solutions aimed at reducing revenue leakages to boost revenue
generation.
“With our
multi-channel solution, states are able to easily integrate revenue collections
from various channels into one single console, creating transparency,
accountability and an all-round healthy revenue generation system.”
Also addressing
the audience was Kenneth Erikume, Tax Partner, PwC Nigeria, who noted the
importance of the digitization of tax collection. According to him, countries
across the world, including a number of African countries such as South Africa,
Rwanda, Kenya, and Tunisia have also joined the digitization drive; adding that
Nigeria has only continued to play catch up.
Erikume
commented, “Globally, there is an embrace of the digitization of tax
collection, even in countries on the African continent. But what we have
observed in Nigeria is the plethora of taxes which are mostly collected
manually. However, with advancements in technology, there is a need to not only
harmonize tax payments but to also digitize collection.”
As a
future-forward company, Interswitch continues to put innovation at its core,
providing sustainable solutions that address peculiar needs of players across
sectors to foster seamlessness and convenience. Since 2002, Interswitch has
been at the forefront of the Federal Internal Revenue Service (FIRS) revenue
drive to digitize and facilitate tax collection.
