NBC inks deal on Z’bar revenue collections

ZANZIBAR: National Bank of Commerce (NBC) yesterday signed a Memorandum of Understanding (MOU) with six institutions of Zanzibar government to collect the authority’s various payments through its digital banking network and system.

The agreement involving the Zanzibar Revenue Authority (ZRA), Zanzibar Social Security Fund (ZSSF), Zanzibar Bureau of Standards (ZBS), Zanzibar Electricity Corporation (ZECO), Public-Private Partnership and Cooperation Department-Zanzibar (ZPPP), and Zanzibar Investment Promotion Authority (ZIPA).

Zanzibar’s State Minister—President’s Office (Finance and Planning) Dr Saada Mkuya, who was the event chief guest, said the move aligns with the government’s commitment to complete its e-government system.

“It helps us facilitate various payment services for citizens, increase the speed and efficiency of revenue collection for the government, and importantly, prevent revenue leakage,” she said.

NBC Managing Director Theobald Sabi said that the MoUs signify a strengthened relationship between the bank and the government in transparently serving the public.

“Through this agreement, the citizens will now be able to use the NBC services to make payments to the government’s institutions and authorities through its network,” he said.

ZRA Commissioner General, Yusuph Mwenda, said the online collection of revenue poised to boost collections.

“It will also accelerate the speed of the payments as citizens will fulfill this obligation in large numbers,” Mwenda said.