Lagos Partners Paytech To Plug Revenue Leakages
An e-solutions firm, Payment Technology Limited (Paytech) has disclosed that its recent consultancy agreement with the Lagos State Government on revenue collection automation within the Lagos tertiary institutions is aimed at plugging revenue leakages.
Paytech, in a press statement issued and signed by its Chief Operating Officer, Adetunji Osho, also denied that the initiative is a revenue collection drive but says it’s a move to introduce a central e-monitoring tool like it has done in some other states in the country.
Osho said Paytech is an innovative e-solutions provider with a focus on assisting Ministries, Departments, and Agencies (MDA) to convert all their cash-intensive operations to a cashless platform.
He said, “we introduced into the market place an e-monitoring tool that shows beyond a reasonable doubt that internally generated revenue (IGR) collected by State-owned tertiary institutions are sufficient for the institutions to provide world-class education, provided there is 100% collection and remittance to their coffers.
“The aggressive plugging of revenue leakages that our platform has provided, has enabled State Governments to increase their revenue through savings made from subventions.
“These savings can be diverted to other critical infrastructural and developmental needs for the benefit of the populace.”
Osho further disclosed that Paytech implemented the platform within 10 Ogun State tertiary institutions between 2012 and 2018, which he claimed led to an over 50 percent increment in collections within the first year of operations.
He said, “We were the foremost Company to implement this platform in over 10 Ogun State tertiary institutions between 2012 and 2018, where our platform increased collections by over 50 percent within a year and the State saved a lot in subventions”.
“The tertiary institutions reported more revenue than they did with government subvention after the implementation of our platform.
“We are currently providing the same service to other State tertiary institutions in some South Western States. We have a wealth of experience in providing this service and we have never rendered any of the tertiary institutions worse off from the implementation of our platform.
“Our platform clearly shows that IGR collection and management can end ASUU strikes, as enough money is collected as IGR from State tertiary institutions. States can do proper budgeting on a scientific and accurate basis.
“Long gone is the era when tertiary institutions ran without the knowledge of their principals and claimed there was insufficient IGR.
“The wealth of data our platform provides can be utilised to scientifically plan and position subventions, by virtue of the management information system (MIS) we develop for the State.
“The State knows first-hand who needs subvention and who does not. IGR collection is merely captured and automated via our platform directly into the tertiary institution’s bank account in accordance with the Settlement Mandate issued to Paytech by the tertiary institution itself.
“We capture the transaction and switch/automate it to the tertiary institution’s bank account. Only the tertiary institution has access to the IGR automated via our platform. The State supervising authority merely has viewing access to see what comes in only.”