Fidelity Bank Generates N300bn in IGR for Govts

Fidelity Bank Plc said it recorded cumulative collections of over N300 billion in internally generated revenue (IGR) for all the three tiers of government over a period of 10 years.

The Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, stated this in a speech he presented at the inaugural edition of the Anambra State IGR Summit held in Awka recently.

According to the Fidelity Bank boss, the bank attained this feat by simply driving efficiency in the revenue collection process, adding that the lender had been positioned to play dominant roles in Nigeria’s Electronic Payments and Services Market.

“We pioneered informal sector IGR collections with our successful deployment of the point of sale (PoS) Terminal Tax Collections in Abia, Imo and Sokoto States,” Okonkwo stated.

This model, he explained, has also been requested for and adopted by other state governments.

“As a bank, we deployed Automated Electronic Motor Vehicle License to Sokoto, Anambra, Abia and Kano States. We also successfully deployed the first electronic collection solutions for Ondo State (IGR), Anambra and Abia State Land Registry Automation Processes,” he added.

Reflecting on the present challenge faced by the country, Okonkwo stressed the need for all tiers of government to seek alternative sources of revenue generation to meet financial obligations and live up to the expectations of the citizenry.

“We are eagerly looking forward to building a veritable partnership with the Anambra State government to aid its collection of such revenues and help improve its IGR. As a bank, we want the Anambra State government to live up to the expectations of its citizenry,” he added.