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   Market Date: 29-01-2015   
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Revenue: FinBank Partners Commerce Ministry

Category: General

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Revenue: FinBank Partners Commerce Ministry


FinBank and the Federal Ministry of Commerce and Industry are partnering to facilitate revenue generation by the ministry.


The bank has signed a Memorandum of Understanding for the design and development of a web portal for the collection of Internally Generated Revenue (IGR) for the Federal Ministry of Commerce and Industry. The agreement is between the Commerce Ministry, FinBank and Thirteen Scribes Ltd, the consultant to the project.


A statement by FinBank stated that the Group Managing Director and Chief Executive Officer of the bank, Mr. Okey Nwosu, assured that the Ministry would increase its revenue with the full implementation of the web portal.


Nwosu said during the signing ceremony, “the project will ensure that you have an increased revenue base and at the same time offer quality service to all the stakeholders that interact with the Ministry and obviously enhance the image of the country”


The Managing Director explained that FinBank is reputed for very robust IT driven services and noted that the technocentric drive of the bank informed its participation in the project. “We are happy to be in partnership with the Ministry and the entire team and I believe that we will bring our expertise to bear in making sure that at the end of the day, it would have been a very commendable project that other ministries will like to emulate”, he said.


Similarly, the Permanent Secretary in the Ministry of Commerce and Industry, that signed on behalf of the ministry, enjoined the parties to the agreement to work together to ensure  seamless delivery of the potentials of the project, and promised that a joint implementation committee will soon be inaugurated to fast track the process.


The entire project implementation is based on Public-Private Partnership involving the Ministry of Commerce and Industry, FinBank, as the financier and Thirteen Scribes Limited, the consultant, for the designing of a web portal for revenue collection as well as hosting information for the ministry.


The Federal Government had directed all the Ministries, Agencies and parastatals to adopt e-payment and other transactions, in line with government’s resolve to enthrone transparency.




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