Jaiz Bank Plc, the only full-fledged non-interest bank in Nigeria has emerged the first commercial bank in the country to integrate the Nigerian Customs Service e-auction platform.
The e-auction platform was part of the restructuring mandate initiated by the Comptroller General of Customs, Col. Hameed Ibrahim Ali (Rtd) when he resumed duty in 2015. It was aimed at blocking revenue leakages thereby increasing revenue generation for the government.
After repeated tests of the e-auction platform, the Nigeria Custom has deployed the e-auction portal yesterday with Jaiz Bank as the only Bank that has successfully completed the integration process thus enabling auction transactions on the portal.
The portal is now fully networked to Jaiz Bank as the only bank that has successfully completed the integration process out of the designated Banks. This will ensure that money accruing from the auction gets to the Central Bank of Nigeria Treasury Single Account for transparency and accountability.
The platform which is highly interactive will only give access to holders of TIN. Such tax payers will log in, read the guidelines, pay the non-refundable one thousand auction fee and proceed to bid for the items on auction. Hitherto, all auction by the custom are conducted through a manual process which was identified as non-competitive and opened to abuses hence the introduction of e-auction.
Jaiz Bank PLC is a quoted public company owned by over 26,000 shareholders spread over the six geo-political zones of Nigeria. The Bank’s balance sheet has grown from N12 billion in 2012 to about N68 billion, with asset financing of over N30 billion (as at end of 2016) and customer base of over 230,000 cutting across all strata of the society.