Quality delivery of e-Payment Infrastructure Fasttracked TSA Implementation – SystemSpecs

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SystemSpecs Limited, the Nigerian FinTech firm providing Remita, the gateway solution for the Treasury Single Account (TSA) has described how the top-notch deployment of its electronic gateway enables the TSA.

Demola Igbalajobi, Divisional Head, Payment Gateway and Infrastructure for SystemSpecs Limited explored the issue in a presentation to a Gambian delegation led by the Permanent Secretary, Ministry of Finance and Economic Affairs, Ada Gaye, in Abuja on Wednesday.

A payment gateway facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front-end processor.

According to Igbalajobi, following a review of options, Remita was adopted as the Payment Gateway for the Federal Government’s TSA in October 2011 and commenced operations in January 2012.

Speaking extensively on the role of a secure and efficient gateway for the TSA, Igbalajobi holds that the electronic gateway bridges the government system (TSA) with the commercial banks so that people can pay the government electronically and from different locations. It also provides payers with multiple channels to make payment to Government and makes the TSA available for round the clock transactions.

One of the important benefits mentioned by Igbalajobi is that it has enabled the government and its Ministries, Departments and Agencies(MDAs) to access their bank statements independently as all accounts are now domiciled with the Central Bank of Nigeria(CBN).

“Prior to TSA, MDAs that have their accounts in commercial banks were able to go to their bank’s online platform and get their account statement…With the CBN having to provide these statements for them, we have to put in place something that will allow them to access their independent bank statements…the payment gateway allows those statements to be read electronically by the MDAs.

Moreover, the … Read More...

TSA records over N30trn worth of transactions in 7yrs

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Volume of transactions through the Treasury Single Account reached over N30 trillion since 2012, as many African countries now understudy Nigeria ‘s example following successes recorded so far in its implementation.

Sylva Okolieaboh, Director/Coordinator, Treasury Single Accounts/e-Collection disclosed this Monday in Abuja on the sidelines of a study visit by Gambian delegates who are looking forward to introducing the Account in their country.

“From 2012 when we started the full TSA, the volume of transactions reached the region of N30trillion. That is in terms of transaction volume, not in terms of balances or anything, so we are looking at over N30trillion turnover,” Okolieaboh told journalists on the sidelines of the visit.

He recalled when the TSA implementation commenced around March 2015, it was difficult to believe that Nigeria could pull through with the project.

“We are very happy to hear that what we are doing today has attracted so much international attention, it is not only The Gambia, we are expecting Ethiopia in the next four weeks and then another country, maybe in the next six weeks and we are aware that the international community appreciates the strides we have made in implementing TSA in Nigeria,” he stated, noting, however, that it will be difficult to state specifically how much is in the TSA at any given time given that it is a fluid account.

In his opening remarks, Accountant General of the Federation (AGF), Idris Ahmed said The Gambians have a lot to learn from Nigeria’s public finance management initiatives.

Represented by Mohammed K. Usman, who is the Director Funds in AGF office, Idris said TSA in Nigeria has been widely commended and has helped government curb excessive spending and corruption in government agencies.

Earlier in her office, finance minister, Zainab Ahmed clarifying the … Read More...

IMF lauds Nigeria’s TSA – Gambian AGF

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A delegation from the Gambian Ministry of Finance and Economic Affairs, led the Permanent Secretary, Ministry of Finance and Economic Affairs, Ada Gaye and its Accountant General, Momodou Lamin Bah, has stated that its decision to understudy Nigeria’s Treasury Single Account implementation was informed by a recommendation from the International Monetary Fund.

This revelation was made on Monday in Abuja, the first day of a scheduled two-week visit. The visit forms part of efforts by the Gambian government to restructure and transform Gambia’s Public Finance Management structure in line with global best practice, as it looks to Nigeria for motivation and support.

Lamin Bah explained why Gambia decided to understudy Nigeria’s TSA example, noting that Nigeria is a ‘big brother’ to Gambia, and that its success with TSA has been a source of reference at the IMF.

According to him, “We have reference from the International Monetary Fund, sighting Nigeria’s tremendous success in implementing the treasury single account. I was looking at their (IMF) online PFM course (Public Financial Management), and Nigeria specifically is showcased there for successful implementation of the Treasury Single Account. So, we didn’t have a second choice… we call Nigeria our big brother. When a small brother wants something, he will ask the big brother”

The delegation, received by Nigeria’s Minister of Finance, Zainab Ahmed, Accountant General of the Federation, represented by Director of funds OAGF, Muhammad Usman, and Director of TSA, Sylva Okolieaboh, among other top government officials was saddled with facts about Nigeria’s experience in TSA initiation and implementation.

Nigeria’s Minister for Finance, Mrs Zainab Ahmed explained the schematic framework of the TSA programme, providing a clear understanding to the Gambian delegates on how Nigeria’s TSA functions.

According to her, “The TSA seats in the central bank; the Account … Read More...

TSA: Reps urges FG to sanction, prosecute defaulting MDAs, banks, others

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The House of Representatives Thursday urged the Federal Government to sanction and prosecute all defaulting Ministries, Departments and Agencies (MDAs), private persons, private organizations as well as banks that violated the Treasury Single Account (TSA) policy.

The House reached the resolution at plenary when it adopted the recommendations of the Ad-hoc Committee set up to ascertain the proceeds of TSA to enhance transparency, accountability and good governance, chaired by Danburam Abubakar(APC, Kano) after consideration by the Committee of the Whole.

The lower Chamber of the National Assembly therefore mandated the Ministry of Finance, Office of Accountant General of the Federation and Central Bank of Nigeria to intensify efforts to enforce full implementation and compliance with TSA policy by all MDAs.

According to the recommendations, MDAs which have violated the TSA policy should be sanctioned accordingly while the Ministry of Finance and Office of the Accountant General of the Federation should be directed to publish, sanction/prosecute with immediate effect all MDAs, Private Persons, Private Organizations as well as banks where FGN Funds are hidden based on the discoveries made in the report of the consultants engaged by the Office of the Accountant General of the Federation and review the compliance with the TSA.

The legislators also called for “a legislation to provide laws to guide and strengthen the enforcement of the TSA Policy and the House should commence the process of enacting enabling laws to cater for the inadequacies of the TSA Guidelines.

To ensure accountability of all the funds accruing to the Federation, the House further tasked Ministry of Finance, Office of the Accountant General of the Federation and Central Bank of Nigeria to “develop and propose funding arrangements with the indebted banks to fashion modalities to enable the banks refund all MDAs outstanding balances … Read More...