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CBN, banks, SystemSpecs, others share TSA fee

By on November 15, 2015

The Central Bank of Nigeria, Deposit Money Banks, SystemSpecs and the Nigerian Interbank Settlement Systems Plc are among the stakeholders sharing the one per cent service fee being collected on all government revenue transferred into the Treasury Single Account, documents obtained by our correspondent have shown.

A CBN letter, which directed the DMBs to comply with the TSA policy, a copy of which was obtained by our correspondent on Friday, revealed that a one per cent service fee was to be charged on all government revenue collected by the banks.

According to the letter, the fee is to be shared by all the stakeholders involved in the value chain.

The stakeholders also include other CBN-licensed payment ecosystem firms such as payment switches, local and foreign card scheme companies and mobile wallet firms.

The letter showed that the TSA initiative, which started in September 2015, was actually meant to commence in January 2014.

“The Federal Government’s Independent Revenue Collection initiative will enable e-remittance of Ministries, Departments and Agencies’ revenues, using the government Integrated Financial Management Information System and CBN payment gateway (Remita) platform, for the TSA banking arrangement. All DMBs are hereby designated as collection agents,” the letter read in part.

A media report (not the PUNCH) on Friday said SystemSpecs had been directed to refund about N8.6bn to the CBN following a directive from the Federal Government.

The amount was said to be the one per cent service fee collected on the N1.5tn transferred to the TSA from September till date.

But banking sources told our correspondent on Friday that no amount would be refunded to the CBN as the service fee had been shared by all the stakeholders involved in the value chain including the CBN.

The Senate had on Wednesday ordered its joint Committee on Finance, Banking and Other Financial Institutions and Public Accounts to probe an allegation that the e-collection agent, Remita, had been paid N25bn, being the one per cent commission it charged for the transfer of N2.5tn of Federal government’s funds to the TSA.

The motion, which was moved by Senator Dino Melaye and adopted by the Senate, held that the N25bn payment was in gross violation of Section 162(1) of the 1999 Constitution.

 

[Punch]