FSDH Becomes first Merchant Bank Enlisted in the Lagos State EBS-RCM for Revenue Collection

Sunday, May 17, 2020 / 07:00 PM / FSDH

On the 30^th of March 2020, the Lagos State Government approved the Merchant Bank's application to be included in Lagos State's Electronic Banking System of Revenue Collection and Monitoring (EBS-RCM). This feat is yet another first for FSDH Merchant Bank, as it is now the first Merchant Bank to be granted this application in Nigeria.

With this enlistment, the Bank will be able to process the following taxes:

• LUC (Land Use Charge bills)
• LWC (Lagos Water Corporation bills)
• CBS (Central Billing System, e.g. LASTMA bills, VIO bills, Education Board bills, etc.)
• WebGUID (These are non-billed payments where the customer or the teller generates the payment code e.g. PAYE, Direct Assessment, Dev. Levy, etc.)

FSDH is also the pioneer Custom Duty Collecting Bank in Nigeria, the first Merchant Bank in Nigeria to re-structure into a Holding Company and in November 2012, became the first Discount House to become a Merchant Bank in Nigeria. Providing corporate banking, prestige banking and global markets financing solutions, FSDH Merchant Bank continues to deliver expert and timely financial services within Nigeria and to select clientele, with a goal to succeed together.

The Merchant Bank was rated A and A- for the year 2019 by prestigious agencies like Agusto & Co. Limited and Global Credit Ratings Co. (GCR). These ratings were given based on the Bank's sustained record of good capitalization, good liquidity, good profitability and an experienced management team.

Even amidst a crisis, FSDH Merchant Bank continues to find ways to innovate in the Nigerian financial services industry.

Related News

1.       FSDH Macroeconomic Outlook 2020: Accelerating Growth in the New Decade

2.      FSDH Series 1 Commercial Paper Is Now Open

3.      Custom Duty Collecting Bank - Celebrating Another First with FSDH Merchant Bank

4.      Agenda For The New Federal Cabinet - FSDH

5.      Inflation Rate Set for Lowest Level Since February 2016 - FSDH

6.      FSDH Holds Roundtable on "Women, Money and Building a Financial Legacy" with Dolapo Osinbajo

7.      States Need To Re-Strategize IGR And Industrialization During and Post COVID 19 - Teslim Shittabey

8.     Mounting Fiscal Pressures on the States; FAAC Payout Amount to N582bn in March 2020

9.      COVID-19 - Giving Alms and Tightening Security Will Bring Relief To Citizens - John Wesey

10.  Why There Is A Need for VUCA-lized Leadership To Address The COVID-19 Pandemic

11.   State Governments: Another Cycle of Non-Payment of Salaries to Begin Soon

12.  CoronanomicsWatch: LGAs Have A Key Role In Containing COVID-19 In Nigeria - John Wesey

13.  Ondo State Govt Nominates Kayode Falowo as Chairman for COVID-19 Response Fund Committee

14.  Fragility of State Government Finances

15.  Can Privatization of Government Owned Enterprises be Instrumental to the Economy's Sustainability?

16.  Invest in Oyo - The Pitch, Frank Talk and Optimism

17.   IGR in Need of Diversification

18.  Lagos Raises N100bn Bond to Finance Infrastructure

19.  N293.80bn Generated as IGR in Q3 2019 - NBS

20. Fitch Revises Lagos's Outlook to Negative on Sovereign Rating Action

21.  The 4th Mainland Bridge in Lagos: What Has Gone Wrong and Why

22. Northern Nigerians and the "Poverty" of Ambition

23. Urgent Need to Bolster States' IGR

24. Onerous Debt Burden For Most States

25. Kwara State Recovers N4.8bn Tax Refunds from Previous Administration

26. Lagos; A Nightmare For Expatriates, But A Place To Make Friends