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FSDH Merchant Bank to work with Lagos State on revenue collection

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FSDH Merchant Bank says it has been enlisted into the Lagos State Electronic Banking System of Revenue Collection and Monitoring (EBS-RCM).

Ms Stella Marie-Omogbai, FSDH Divisional Head, Corporate Banking and the Branches, disclosed this in a statement in Lagos on Sunday.

Marie-Omogbai said the Lagos State Government approved the bank’s application to be included in the State’s EBS-RCM in March.

“On March 30, 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,” Marie-Omogbai stated.

According to her, with this enlistment, the bank will be able to process the following taxes: Land Use Charge bills (LUC) and Lagos Water Corporation bills (LWC).

She said that with the approval, the bank would process Central Billing System such as LASTMA bills, VIO bills and Education Board bills, among others.

Marie-Omogbai said that the enlistment would enable the bank to process 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.

“It is 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.

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“The Merchant Bank was rated A and A- for the year 2019 by prestigious agencies like Agusto & Co. Limited and Global Credit Ratings Co.

“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,” she said. (NAN)

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