Federal Ministry of Finance
Federal Secretariat Towers (5th & 10thfloors)
Shehu Shagari Way, Central Area,
Garki, Abuja.
Attn:Beneficiary
I am Dr Olusegun Aganga, Minister of Finance.I urgently want you to know that the payment improvement Act of 2008 as directed in this publication if you are aware of it, at the same time I can work out your fund on your behalf:
http://allafrica.com/stories/200812290777.html requires payment of all Federal Beneficiaries/contractors to be made via Electronic Payment System or Electronic Fund Transfer.
The Electronic Payment will enable you to receive the payment on due date directly to your provided receiving bank account. Besides you will have the following benefits of Electronic Payment System:
1) Payment on due date without visiting bank.
2) No need to pay for Cost of Transfer to the paying bank.
3) No need to wait for clearance from any agency and follow-up with bank.
4) No chance of loss of instrument in transit and fraudulent encashment.
The following types of Electronic Payments which are presently offered by Banks are being made available to you. You are having the liberty to opt for Electronic Payment System now.
Electronic Payment System (EPS): This is a new method of payment introduced by Finance Ministry through the Directives of the Central Bank of Nigeria to any approved paying Bank which enables you to collect your payments directly through your bank accounts. Your bank account would be credited through the new payment mechanism right on the due date. No payment instrument would be issued as at present. Payment instruction would be issued by Finance Minister/Ministry electronically through our banker to the Clearing Authority and the Clearing Authority would supply credit reports to the bank with which you maintain the specified account. The branch will credit your account and indicate the credit entry as ‘EPS’ in your statement of account. The paying bank here in Nigeria would be issuing an advice to you directly after the transaction is effected. No charges will be levied by your banker for credit of the said payment. You are not required to pay for any COT.
EPS payment will be made every Monday and Thursday. Individual transactions without any monetary ceiling would be covered under the Scheme. If you maintain more than one bank accounts, payment can be received at any one of these accounts. You do not have to open any new bank account for the purpose. In order to receive the payment under Electronic Payment System,beneficiaries/contractors.I will send you the form, to filled and signed and send the Mandate Form back to me. The mandate form is for your registration, which after that your transfer will take place.Your complaint, if any, (the scope of which is very limited) would be immediately dealt with and I assure you that this is a very good option and I will give a reply immediately.
Regards,
Dr Olusegun Aganga
Honorable Minister of Finance