Saturday, March 14, 2009              

Bank Gets Nod To Manage Kwara's E-Payment Accounts
By Laolu Adeyemi

INTERCONTINENTAL Bank Plc has secured the mandate to manage all Kwara State e-payments accounts. This is coming on the heels of the deployment of the bank's Verve card, which is touted as the most secure e-payment technology in Nigeria.

Earlier, the 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 take-off date for the implementation of the e-payment is with effect from payment of April, 2009 salaries 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.

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 e-payment.