This notice services to inform the general public and the suppliers who provides goods and services to the Department of Finance that any provisions of goods and services up to Kina Hundred Thousand Kina (K100,000.00) will be paid by Electronic Transfer (EFT) effective 16th October, 2023.
This mean that the traditional way of doing business through cheque payments will be replace by Electronic Funds Transfer where funds will be remitted directly into respective supplier accounts.
Department of Finance will no longer issue cheques for payments up to Kina Hundred Thousand (K100,000.00), as all payments will be made via Electronic Funds Transfer.
The change of payment method is in conjunction with the Government’s Medium Term Development Plan (MDTP IV), aligning itself to implement digital solutions to become chequeless, improve service delivery in a more efficient way.
Why EFT (Electronic Funds Transfer)?
At the Department of Finance, we are committed to delivering improved services, enhancing security and streamlining financial processes. The introduction of EFT aligns itself with these goals.
Speed and efficiency: EFT is lightening-fast, ensuring that payments reach suppliers bank accounts more quickly. Say goodbye to waiting for cheques to clear!.
Enhanced security: Your financial data is of paramount importance. EFT offers enhanced security features, reducing the risk associated with paper based systems.
Cost savings: EFT is not only faster and more secure but also more effective. It eliminates the need for cheque printing, mainlining, and manual processing.
Environmental sustainability: We are doing our part for the environment. EFT reduces paper waste, contributing to a greener, more sustainable future.
How does it work?
Making the switch to EFT is simple and user-friendly. Here’s how it works:
All suppliers of goods and services to the Department of Finance are required to provide the following details on your invoice when submitting for payments:
- Supplier Address
- Supplier IPA Certificate Number
- Supplier’s TIN
- Full Supplier Bank Account Details includes: BSP, Bank Name, Account Name, Account No, Branch, Name, Branch Code No Support
We understand that change can be challenging, but rest assured, the Department of Finance is here to support you throughout this transition.
Our dedicated team is available to answer any questions, provide guidance, and ensure a seamless shift to EFT.
ADHERENCE TO THIS NOTICE IS MANDATORY
For assistance and further information, please contact the Payment Division on + 675 3031025 or email : firstname.lastname@example.org
Signed in authorization
Source: Public notice released by the Department of Finance-National Monday, October 16, 2023