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Upperlink To Provide State Governments Improved TSA Solutions

Posted on March 29, 2019 by

For its continued leadership role in the electronic payment ecosystem in the past years, Upperlink Limited, has shown its readiness to provide state governments with an improved Treasury Single Account (TSA) solutions, even as the company have won the 2019 edition of Central Bank of Nigeria (CBN’s) Electronic Payment Incentive Scheme (EPIS) Efficiency Awards recently.

L-R: Director, Capacity Development Department, Central Bank of Nigeria [CBN], Ms. Chizoba Mojekwu; MD/CEO, Upperlink Limited, Mr. Segun Akano; Head, Marketing Department, Upperlink Limited, Mrs. Onome Odiase and Director, Financial System Strategy (FSS 2020),CBN, Mohammed Suleyman at the presentation of Cashless Driver Award: Non-Bank Payment Operator Award-Payment Solution Service Provider (PSSP) to Upperlink in Lagos at the weekend

The CBN organised the awards to celebrate financial institutions, fintech firms and other stakeholders who are in the forefront of driving electronic payments in Nigeria.

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A statement signed by the MD/CEO of the company, Mr. Segun Akano said the company “is passionate about helping state governments with improved TSA solutions as the conversation with some of the states’ ministry of finance have shown that they want an improved TSA over what the federal government is currently implementing”.

He explained that the award-winning e-payment solution, PayChoice-BAMS, is an improved TSA platform, as it keeps all accounts in different banks but “the aggregate balance is visible on one window”.

According to Akano, this window gives the states government full control over their funds by “allowing sweeping across banks or across accounts. It provides trend analysis about in-and-out movements in each account across all the banks”.

In its fourth year, the CBN awards are based on objective analysis of all electronic-payments data collated by the Nigeria Interbank Settlement Systems (NIBSS) over a full calendar year.

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Upperlink emerged winner in the Cashless Driver Award: Non-Bank Payment Operator Award – Payment Solution Service Providers (PSSP) category.

“We are proud to be recognized by the CBN for our efforts in driving excellence in electronic payments and providing our clients with a superior non-banking experience across digital touch-points.”

“The award serves as extra motivation for us and we will continue to find new and exciting ways to delight our clients in digital payment solutions”, Akano said.

He explained that the platform makes disbursement easy to vendors, contractors and to pay staff salaries while allowing the tax components and other deductibles of all payments to be remitted seamlessly in real time to the respective beneficiaries.

“Our PayChoice-BAMS platform helps users to carry out transactions in real-time while observing all the protocols pertaining to signatories and mandates of the state in a secured manner”.

He added that the platform has become so valuable to state governments because it allows the states to keep their trade obligations with the respective banks.

“The ripple effects are that the banks that have set up branches in these states remain in business, keep their staff, and even employ more indigenes to improve the economy of the state, enhance payee and boost micro economic activities”, he emphasised.

He informed that blue chips in the oil and gas, manufacturing and services sectors that maintain accounts across multiple banks have found PayChoice-BAMS useful.

“Its key functionalities have proven invaluable for many chief financial controllers who are seeking the ability to view all the company accounts across the multiple banks through one single view, make multiple transactions, track balances in real-time, generate statistics and prepare payment data analytics for the management team”, he said.