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UBA and MCB join the Single Electronic Window

UBA and MCB join the Single Electronic Window

22 August 2014

Mozambique Revenue Authority signed on Friday, August 22, the accession agreement for joining the electronic service system for the collection of revenues with the banks United Bank for Africa (UBA) and Mauritian Commercial Bank (MCB), within the scope of the implementation of the SeW - Single Electronic Window.

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With these agreements, foreign trade operators can know use these banking institutions to effect the payment of customs duties, taxes and fees in a faster and simplified manner, thus improving the efficiency of the process of customs clearance for goods.

As a result, the number commercial banks that joined the Single Electronic Window system, with the entry of United Bank for Africa and Mauritian Commercial Bank, have risen from nine to eleven.

According to the President of the Mozambique Revenue Authority,  Rosário Fernandes, about 50% of the banking institutions of the Country that represent about 75% of market share are already connected to this system.

In his intervention, Rosário Fernandes said that the joining of these two commercial banks to the Electronic Single Window system constitutes an added value to the institution led by him; since these are two channels for revenue collection to the state's treasury that are now joining the ones that already exist.

On his turn, Clement Isikwe, executive president of the United Bank for Africa, expressed his satisfaction for the fact that the by bank represented by him is associating itself with the State in the collection of revenues.

“The United Bank for Africa, in the countries it operates in, has been contributing to the collection of taxes and other revenues by the State". Therefore, in Mozambique it could be no different. This service will benefit the two institutions and the clients and importers, in particular”, said clement Isikwe.