Risk and Regulation,technology,Transaction Banking,

Risk and Regulation,technology,Transaction Banking,

The United Bank for Africa (UBA) have entered into a partnership Proof of Concept Agreement with the Liberia Revenue Authority, Orange Liberia and Lonestar/MTN for use of Mobile money to pay taxes to Government of Liberia.

The purpose of the agreement is to execute a pilot project for collection of taxes and fees on behalf of the Government of Liberia through the use of existing mobile money platforms with the Telecommunication Companies and UBA as the sole collecting Bank.

According to the agreement, UBA is to ensure the timely transfer of funds from the Telecom Partner's account with timely remittance of funds from the Transitory Account to the General Revenue Account at the CBL.

The telecommunications partners are expected to create an application platform, which will be used by the Bank to collect the taxes.

Olalekan Balogun, UBA MD signing on behalf of his Bank, considered the agreement as a step forward for the tax collection system of the Government, as UBA is prepared to fully fulfill its part of the agreement.

Balogun called on taxpayers to explore the system when it goes live and embrace the new form of tax collection.

UBA is focused on leading the digital banking sector in Liberia by bringing efficiency in the payment system and conveniences to customers.

Re-disseminated by The Asian Banker from Front Page Africa Online