TAJBank to Collect Revenues for Nigeria Customs Service

By Dipo Olowookere

The Nigeria Customs Service (NCS), in an effort to boost its revenue collection system, has selected TAJBank as a receiving agent.

With this development, the financial institution, which has its headquarters in Abuja and plans to expand across the country, is authorised to collect all forms of revenue for the federal government agency established for the collection of customs revenue and checkmate smuggling of contrabands into the country.

According to the innovative non–interest lender, cutting edge information technology would be deployed to broaden the revenue collection platforms of the NCS.

It stated that this will be achieved through provision of various e-based options to be made available to revenue payers.

TAJBank noted that this model is expected to ease revenue collection and boost the federal government’s revenue drive, especially at this critical time the global economy is in crisis as a result of the Coronavirus disease (COVID-19).

In the statement, the bank said it will put up mechanism to make the revenue collection seamless, saying it looks forward to fostering a mutually rewarding relationship with the customs.

TAJBank is the second non-interest financial institution in Nigeria after Jaiz Bank Plc. The company received its operating license from the Central Bank of Nigeria (CBN) on July 12, 2019.

The bank offers an exciting array of products and services that span private banking, retail banking, business banking, development finance and the public sector.

TAJBank has its head office in Abuja and branches at the National Assembly Complex and Kano State.

On its part, the Nigerian Customs Service is an independent revenue generating agency under the supervisory oversight of the federal ministry of finance.

The organisation contributes to the revenue generated and shared monthly among the three tiers of government through the Federal Account Allocation Committee (FAAC).