/ By admin / Blog/ • • • • • • • • • • • • • / 0 Comments

RCBank Nominated to Promote Usage And Adoption of New Innovative Pan African Payment Systems


A Rokel Commercial Bank delegation including the Board of Directors Chairman, Buffy Bailor, Managing Director Dr Walton Gilpin and top IT staff are in Cape Town, South Africa to attend a high-level meeting on the adoption and use of the innovative Pan African Payment System (PAPPS) by banks around the continent.

Pioneered by the Afreximbank, the PAPPS will create a flawless and highly effective international payment system that will invariably support the African Continental Free Trade Area (AcFTA) established in 2018 and signed by 43 African countries including Sierra Leone.

The new cross-border payment also seeks to operationalize a 2019 resolution by African heads of state that the PAPPS should become the main infrastructure for payments and settlements within the African financial markets.



Therefore, working with local banks like the RCbank to popularize and promote the adoption and utilization of the payment system tool has been deemed to be a critical component of its growth and success. A high point of the event was when heads from some of the partnering banks, including the Rokel Commercial Bank shared their experiences on the use of the PAPPS.

At the end of a highly interactive event, RCBank was among the financial institutions nominated as member of the Working Group of the PAPPS network/club to promote the adoption and usage of the payment platform.





Source link

/ By admin / Blog/ • • • • • • • • • • / 0 Comments

NRA Monitors ECR Usage For GST-Registered Businesses in Freetown


The National Revenue Authority (NRA) has rolled out a substantial three-month initiative for monitoring Electronic Cash Registers (ECRs) in GST registered businesses within Freetown.

This extensive effort is geared towards improving compliance and precision in ECR receipt issuance, thereby enhancing the accuracy of GST returns.

The key objectives of this monitoring initiative encompass:



  • Identifying businesses that may not be complying with ECR machine usage.
  • Estimating the average number of periodic receipts issued by GST-registered businesses.
  • Observing voluntary ECR receipt issuance to customers by businesses.
  • Verifying the presence and operational status of ECR machines in various business premises.
  • Addressing challenges associated with ECR machine use from a business perspective.

In pursuit of these goals, the NRA will deploy its personnel to all GST registered businesses within the Municipality. Their primary task will be to gather data on the effective utilization of electronic cash registers by local businesses. The NRA extends an invitation to all business entities to collaborate and facilitate this critical endeavor by welcoming NRA staff during this period.

This comprehensive monitoring initiative highlights the NRA’s dedication to bolstering tax compliance and promoting precise financial reporting within Freetown’s business community.

The official notice reads below:



Source link