Guaranty Trust Bank is one of three commercial banks that have been entrusted to collect Property Rates and Business License Fees for the Kanifing Municipal Council.
The Scheme launched on Thursday, February 10, 2022, has been dubbed KMC payment point system for Property Rates and Business License fees.
Among the three commercial banks tasked to collect the rates, GTBank has the largest branch network in the Municipality which gives the banks the edge to dominate the scheme and make it more accessible to KM taxpayers.
Speaking on the development, GTBank Managing Director Abolaji Yusuff, says that the scheme will not only add value to improve KMC’s revenue collection efforts but efficiently improve the turnaround time for transactions, provide real-time banking services for reconciliation purposes, as well as reduce significantly the risk of fraud as all cash collected will be deposited effectively immediately.
With an increased revenue for the council, Mr. Yusuff added, it will help to bring about meaningful development projects to the municipality including social and infrastructure services.
Mr. Yusuff added that GTBank brings to KMC remarkable experience in revenue collection in The Gambia. He explained that in 2021, the Bank earned the exclusive collection of GPA’s shore handling revenue. In April 2011, GTBank pioneered Gambia Revenue Authority Domestic Taxes and Customs Duties collection. This allowed the public to work in GTBank branches in the Greater Banjul Area to pay taxes due to GRA. In October 2010, GTBank became the 1st and only bank tasked with the responsibility of collecting Airport Development Levy for The Gambia Government through the mandate of The Gambia Civil Aviation Authority. According to him, “all the schemes made payment easier for the payers, ensured efficiency, and increased revenue for the beneficiary organisations. “
The KMC collection scheme requires taxpayers to provide a Demand Note/Invoice issued by the council with relevant information such as assessment number, name of a property owner, payment amount, and address.
The Bank would generate and send receipts of every transaction done on the bank’s payment platforms through the Council’s Rates System and License Software.
GTBank Gambia Corporate Communications Unit