By Ibiyemi Mathew
Premier payment solution eTranzact and Interswitch have been approved by the Central Bank of Nigeria as payment processors for the government operated Treasury Single Account(TSA).
The CBN, in a circular dated December 10, 2020, signed by CBN Director, Banking Services Department, Mr. Sam Okojere introduced a new pricing regime for the enhanced Treasury Single Account (TSA) e-collection model.
According to the new guidelines for the on-going TSA eCollections enhancement project by the apex bank, which becomes effective January 1, 2021, all government collections must be channelled through the new TSA eCollection model while eTranzact and Interswitch will be joining SystemSpec, operators of Remita in collecting TSA payments from ministries, departments and agencies (MDAs).
Interswitch is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations on a timely and consistent basis whilst eTranzact is Nigeria’s first award winning multi-application and multi-channel electronic transaction switching and payment processing platform.