The sealed deal - its signing ceremony held at the AG’s Department boardroom at the Quadrangle in Banjul - will now enable the bank to undertake the secure collection, processing and remittance of a wide range of government revenues, including taxes, duties, fees, levies, penalties at all public payments by integrating with the government's payment gateway platform.
With this development, Trust Bank has now joined other commercial banks in the country that have inked similar agreements with the Department as part of their modernization drive in the collection of government revenue.
Welcoming the bank officials, Accountant General Agnes Macaulay recalled their engagement with local banks in the country, reminding that the Department and Trust Bank have come a long way.
‘‘So it is now time for Trust Bank, and that leaves us, in terms of coverage, basically only one or two banks to cover,” she said. “However, we are also working with the FinTech companies in the Gambia as well as micro-finance institutions like local wallets.’’
The Accountant General spoke of their resolve to cover everybody, expressing optimism that very soon they would be able to cover everybody.
To this end, she acknowledged the efforts of the bank in making the process a success.
‘‘This MoU that we are signing today establishes a framework for Trust Bank to serve as an authorised collecting agent for all government revenues. Through the bank's branch network and digital platforms, citizens and businesses will have secure accessible channels to remit payments directly into designated treasury accounts with real time confirmation and automated reconciliation to the Integrated Financial Management System (IFMIS).’’
The collaboration, she added, reflects their joint commitment to principles of efficiency, transparency and accountability in public finance management.
AG Macaulay made reference to some of their key provisions, saying they include strict segregation of government funds, daily sweeping to the consolidated revenue fund, comprehensive auditory and joint monitoring to a designated steering committee.
This, she added, may not be a steering committee but focal persons both at the level of Trust Bank and at the level of the Accountant General’s Department, which will be on this on a daily basis.
‘‘We express our appreciation to the management of Trust Bank for their partnership and to the technical teams whose diligence has brought this agreement to fruition,” she stated, saying: “This initiative will reduce revenue leakages, improve taxpayer confidence and provide timely accurate data to support fiscal decision making.’’
Also speaking, Njilan Senghore, Managing Director of Trust Bank Plc, described the MoU as a framework that represents far more than an agreement between two institutions, as it reflects a shared commitment to modernizing the collection and management of government revenues in The Gambia.
Through this partnership, she said, the bank will support the secure collection, processing and remittance of a wide range of government revenues, including taxes, duties, fees, levies, penalties at all public payments.
‘‘By integrating with the government's payment gateway platform, we are working together to create a more efficient, transparent and accountable system that benefits the government, the businesses and citizens alike,” she said. “So we do understand your prayer that customer service should be seamless.’’
At Trust Bank, she explained, they believe that strong financial systems are essential to national development especially, adding that when government revenues are collected promptly, securely and accurately, it helps in strengthening public confidence, improves service delivery and supports the country's broader economic goals.
‘‘This initiative will also reduce the risks associated with cash handling,’’ she noted.
MD Senghore expressed her bank’s appreciation in leveraging their service and expertise to step in and support the department, noting that the move will help improve convenience and accessibility while strengthening reconciliation processes by promoting greater trust in public financial management.
She commended the Accountant General's Department for its leadership and vision in driving this important reform, further expressing delight to stand as a trusted partner in this journey.
‘‘We are coming in late,” she acknowledged, saying: “And the reason for that is because at the time the request came, we were working on a co-banking upgrade. So moving to a new co-banking system means we have to pause every other request for integration. And that is why we are just now in a position to move ahead with this.’’
MD Senghore assures all and sundry that Trust Bank remains committed to supporting initiatives that contribute to a stronger and more efficient and more digitally enabled entities.
