Equatorial Commercial Bank (ECB) has announced a partnership with the Kenya Revenue Authority to roll out the online tax remittance/collection
system aimed at facilitating electronic collection of domestic taxes.
ECB Acting Managing Director Shamira Dostmohamed said the move was aimed at enhancing efficiency that comes with integrating its core banking
system with the Kenya Revenue Authority (KRA) to enable corporate clients pay their taxes electronically through iTax.
“We are leveraging technology integration and sustained innovation to deliver an unrivalled customer experience. We believe that our customers
and prospects deserve to benefit from the convenience that electronic banking platforms can provide,” said Ms. Shamira.
She added that this is another of the bank’s offering aimed at digitizing payments by placing
their clients’ needs at the forefront of product innovation.Being a web enabled service, iTax is available round the clock from any location, thus redefining convenience to the tax payers and also improving compliance by reducing cases of tax evasion.
KRA has acknowledged that to meet their tax collection targets, synergies with corporates like ECB on such platforms increases reach and allows tax
payers to comply on platforms they interact with more frequently.
It is in this regard that banks were required to integrate their core banking systems with iTax and provide a front end payment platform for
their mutual clients. Through iTax, customers can enjoy automated reconciliation making it very convenient for both the tax payer and KRA.
This development comes as ECB continues to focus on provision of excellent financial services with deliberate efforts being made to lure new
customers, grow the bank’s deposit and further the reach to all towns within Kenya.