Payment Technology Limited, an e-solutions firm, has signed a consultancy agreement with the Lagos State Government on revenue collection automation within the Lagos tertiary institutions.
Paytech, in a press statement issued and signed by its Chief Operating Officer, Adetunji Osho, denied that the initiative was a revenue collection drive aimed at plugging revenue leakages.
According to him, it is a move to introduce a central electronic monitoring tool similar to the ones used in other states in the country.
Osho described Paytech as an innovative e-solutions provider with a focus on assisting Ministries, Departments, and Agencies to convert all their cash-intensive operations to a cashless platform.
He said, “We introduced into the market place an e-monitoring tool that shows beyond a reasonable doubt that internally generated revenue collected by state-owned tertiary institutions are sufficient for the institutions to provide world-class education, provided there is 100 per cent collection and remittance to their coffers.
“The aggressive plugging of revenue leakages that our platform has provided has enabled state governments to increase their revenue through savings made from subventions.
“These savings can be diverted to other critical infrastructural and developmental needs for the benefit of the populace.”
