National Bank of Malawi dates taxpayers on ePayments

National Bank of Malawi (NBM) has called on taxpayers to use its electronic products to settle their tax liabilities in the comfort of their offices and homes instead of queuing in the banking hall.

NBM head of Cards and e-banking, William Kaunda said this on Wednesday, 21st March 2018, at a cocktail at Mount Soche in Blantyre where the bank showcased its electronic products.

He said with the introduction of ePayments by the Malawi Revenue Authority (MRA), taxpayers should take advantage of NBM’s electronic products to remit their taxes.

“You can settle your tax liabilities on your phone or computer through Banknet Online or Electronic Funds Transfer (EFT) or our mobile banking platform MO626. You don’t have to come to our banking halls to pay your taxes because you can do that online,” he said.

With MRA’s ePayments, taxpayers can generate a Payment Registration Number (PRN) to settle their domestic taxes online or over the counter but the PRN is generated automatically in ASYCUDA for Customs payments.  

ePayments Project Manager Tiya Somba Banda said he was impressed with what National Bank has done.

“Having ePayments on all of their digital platforms is a huge step in taking the tax payment to the taxpayers’ convenient time and space. Most corporates are using the National Bank EFT in salaries processing and it is easier for them to adopt tax payments on the same platform,” he said.

He said Mo626 is very convenient for individuals when clearing consignment at the border and there is no amount limit on tax payments using the mobile banking platform and Banknet Online serves both corporates and individuals.

“The beauty about these electronic products is that there are no transaction costs on all these three platforms and thus making tax payment costless to the taxpayer,” he said.

MRA introduced ePayments or Electronic Payments, to facilitate payment of taxes online with immediate update of taxpayers’ tax account through Authorized Dealer Banks (ADBs). Epayments ensures real time settlement of tax liabilities at the convenience of both the taxpayer and MRA.

 8 officials from MRA attended the meeting on invitation from the bank.

By Wadza Otomani