Skye Bank Plc says it has introduced an electronic point of payment solution that will enhance more revenue for development for Ikorodu North Local Council Development Authority.
The bank said the solution came on the heels of dwindling allocations to all tiers of government in the country.
Unveiling the solution in Ikorodu, where the solution has been adopted for revenue collection, the Group Head, Revenue Collection and Franchise, Skye Bank Plc, Mrs. Bola Allison, said the product would check leakages and corruption in the collection process.
The product, known as point of payment solution, ensures that the citizens pay their taxes, levies and other statutory payments through customised point of payment terminals which are administered by the council staff members.
Allison, in a statement by the bank, said the solution would make payment convenient as eligible tax and levy payers would not have to leave their shops or go to the banks to effect payment.
She said tax payer would be protected as the PoP system generates receipts as evidence of payment.
Skye Bank, she said, was partnering Citiserve and GEMS3 to ensure the success of the new solution. Citiserve has the patent of the solution while GEMS3 is a non-governmental organisation that promotes tax payment by the citizens.
The statement quoted the Chairman of Ikorodu North LCDA, Mr. Adeola Jokomba, as urging the people of the area to embrace the new initiative as it would check revenue diversion and ensured the council had more money to undertake more developmental programmes.